- Industry: Sim Racing Equipment
- Location: Germany
Wayflyer funded Simlab's US expansion with retail partner Micro Center
Simlab needed to prefinance production for a major US order from retailer Micro Center but couldn't pay suppliers upfront without straining cash flow. Wayflyer funded the advance in around two weeks, letting Simlab stock Micro Center's stores on time.
- Turnaround to fund the production advance
- ~2 weeks
- Production prefinanced for a major order
- US retail order
- A large number of stores with a key US partner
- Stores stocked
"Wayflyer gave us the opportunity to fund this expansion into the US market. What I like about Wayflyer is the quick communication and the turnaround time for providing funding. We got the job done in around two weeks, which was amazing. The rates are also competitive compared to others."
The Product
A Gap in the Sim Racing Market
Simlab builds modular sim racing cockpits: the seat and frame that racing fans set up at home to hold a wheel, pedals and shifters. Founder and CEO Richard Schouten started the company in 2016 and has grown it from a garage startup into a team of around 30 people serving roughly 20,000 customers a year, with key partnerships that include Mercedes F1.
Sim racing is a driving game played at home, and it's far more realistic than a typical video game. The cars and tracks are copied into it perfectly, and players race friends and strangers online on circuits from around the world. Car enthusiasts and competitive players love it.
Simlab arrived early. Direct drive wheels and load cell pedals were taking off, and drivers needed a solid base to mount them on.
We came to the market with a modular cockpit, which was at that time something that really didn't exist.
By 2018 and 2019, Simlab was one of the market leaders in cockpits. Over the years that followed, it kept widening its product line.
Challenge
A Big Order to Prefinance
This year, Simlab landed a big order from Micro Center, a major US retailer. It was a chance to expand into the US market that Richard didn't want to miss.
But an order that size meant paying suppliers upfront for the production run. Simlab needed the cash to make the products, and it didn't want to squeeze the rest of the business to find it.
We needed the funding because of the cash flow. This really big order from Micro Center in the US made us pre-finance the production.
Solution
An Advance in Around Two Weeks
Richard found Wayflyer online and sent an email. Within a day, he had a reply, and before long he was sending over documents. From there, things moved quickly.
What I very much loved about Wayflyer is the quick communication and the turnaround time for providing this funding.
Wayflyer provided an advance to cover the supplier payments, and the whole process took around two weeks. Richard also valued how the team worked: informal and direct, with phone calls, chats and WhatsApp. He found the rates competitive, and he still uses the Wayflyer dashboard every week to check how his business is performing, with marketing, website and social data in one place.
The Result
Micro Center's Stores Stocked
With the advance in place, Simlab stocked a large number of Micro Center stores. Micro Center is now a key partner for getting Simlab's cockpits to customers in the US, and Richard expects the relationship to keep going.
After the funding, we were able to stock up a lot of Micro Center retail stores, and this is going great.
For Richard, the approach suits founders. Wayflyer funds entrepreneurs to do what they do best, and he'd recommend it to anyone.
Interested in following in Simlab's footsteps? Wayflyer has funded over 6,000 businesses worldwide with $6 billion worth of working capital, backed by world-leading financial institutions. Apply in minutes and access funds in hours. Start your application today.
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