Founded by two best friends, Float Factory designs inflatable pool toys that make a splash wherever they go. When their startup started to take off, they needed financing to keep up.
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Founded by two best friends, Float Factory designs inflatable pool toys that make a splash wherever they go. When their startup started to take off, they needed financing to keep up.
As a seasonal business with expensive inventory and no leverage over manufacturers, Patrick Frank and George Kramb faced the burden of making cash payments for supply up front without consistent revenue coming in. After self-funding with their credit cards and life savings, they started looking for outside support.
Settle Working Capital offered a lower cost of capital than 30 other providers—but the dedicated service is what stood out. “I felt safe because I felt someone speaking my language and not sales language,” said Patrick Frank, CEO. Despite their seasonality and brief sales history, the team was able to take the time to understand and holistically assess Float Factory’s business and provide Patrick with rates that were affordable and tailor-made for his business.
Financing secured, Float Factory was able to fund an entire season's worth of inventory. This freed up working capital for marketing and website development, unlocking 7x revenue growth*. Now they’re looking to expand sales in the summer and develop new SKUs for the winter.
“All other financing options were either really expensive or complex and I needed a solution that moved super fast. Settle moved - I was shocked it took a week and it was done.” - Patrick Frank (Co-Founder)
Patrick emphasizes the importance of business financial knowledge for founders to establish a foundation for long-term success: “Know basic accounting and understand cash flow and profitability, which is the end goal otherwise you will never be able to build a sustainable business.”
