Yield of dreams

Kiwi firm’s $7m funding plan to crack the big league in the US

A Kiwi company wants to raise nearly $7 million to tackle the US sports sponsorship market.

DROPIT’s app (pictured) allows sports fans to bid for luxury cars and motorbikes in rapid-fire auctions playing through mobiles and on scoreboards at sports stadiums. It was launched by Mount Maunganui brothers Peter and Brendan Howell. Users participate in mass engagement auctions which last 60 seconds.

Michael Blennerhassett, a nonexecutive director of DROPIT, said the company wanted to raise raise US$5 million (NZ$6.75m). The fundraising would help put it in a strong position to execute on its US expansion strategy.

DROPIT earlier this year signed a distribution deal with Daktronics, a manufacturer of electronic scoreboards and digital signage.

“Our venues and teams are hungry for interactive content, and DROPIT offers an ideal opportunity to better engage with fans, given the quick breaks in action during games,” said Daktronics commercial sales engineer Josh Howardson.

“The DROPIT platform can easily be integrated across hundreds of professional and collegiate global venues, and we are excited to partner with DROPIT to bring a gamechanging experience to fans.”

DROPIT aims to bring brand engagement back into the fore by combining smartphone use with stadium theatrics.

“Advertising on big screens in stadiums is failing to deliver on its potential. Fans are disengaged, distracted by their phones, and match attendance levels are stagnating,” said Peter Howell.

“Our DROPIT platform delivers fan engagement and immersion ...

“These live, reverse auctions run simultaneously on the stadium’s video board and the fans’ mobile phones. Engagement continues postgame with exclusive, targeted brand offers delivered to players’ mobile phones post-auction.”

The brothers are looking at shopping malls as another area of focus.