The XT from Boreas. (Courtesy Boreas)
A Breckenridge-born camper manufacturer has raised cash as the industry slows following a pandemic boom.
Boreas, now based in Pueblo, reported to the SEC last month that it had raised $550,000 toward a goal of $750,000.
Matt Reichel
“We’ve seen some of our competitors go away, that haven’t survived this slowdown here over the last six or eight months – but the key players are still strong, the industry is still strong,” founder Matt Reichel said.
Boreas, founded in 2015, offers three models of trailer campers, with the cheapest starting at $25,900. This year, Reichel also started offering individual parts for sale, in an attempt to cater to the do-it-yourself crowd.
Reichel said Boreas uses high-quality, DIY-desirable gear, such as composite panels, steel frames and high-end suspensions, that people can’t buy at retail stores like Home Depot.
“Typically a teardrop (trailer) is plywood wrapped in aluminum,” Reichel said. “That’s essentially 1930s technology, and the death of any RV on the road is water leaks and wood.”
Reichel moved to Colorado in 2012 and started the company three years later after taking time off work to camp around Colorado.
“I was doing that backcountry, forest roads and camping off the grid, and the camper I had at the end of the summer had totally fallen apart from being off road,” Reichel said. “I wanted to build something better that would work.”
Boreas’ three models are the AT, which starts at $25,900; XT ($38,990) and the EOS-12 ($79,990). The AT is the entry-level trailer, while the EOS-12 is the largest and includes a shower, bathroom, pop-up roof, hot water and a Garmin operating system.
“There’s certainly a lot of noise in this industry; it has a low-cost entry,” Reichel said. “It’s easy to get into and much harder to scale. What sets us apart has been the functionality of the trailer.”
The EOS-12 from Boreas. (Courtesy Boreas)
Reichel said the new investment will fund marketing, hiring more employees and general expansion. This was the company’s first capital raise.
“Manufacturing is capital-intensive, but we’re at the point where we needed to bring on investment money to help us get to the next stage,” Reichel said.
According to Reichel, the 18-employee camper company hit $5 million in revenue last year, and has about 450 campers on the road. Roughly 40 percent of sales are from Colorado, while the rest come from other states and countries like Canada, Mexico and the United Kingdom.
Reichel started the company on Boreas Pass Road in Breckenridge before moving it to Denver. Last year, he moved the company to a 17,000-square-foot facility at 3004 S. Prairie Ave. in Pueblo because rent is about 50 percent cheaper.
“We’ve been able to absorb these economic woes a lot better in Pueblo than in Denver,” Reichel said. “Real estate in Denver is expensive and we’re not Boeing, we’re Boreas, so every penny counts.”
The XT from Boreas. (Courtesy Boreas)
A Breckenridge-born camper manufacturer has raised cash as the industry slows following a pandemic boom.
Boreas, now based in Pueblo, reported to the SEC last month that it had raised $550,000 toward a goal of $750,000.
Matt Reichel
“We’ve seen some of our competitors go away, that haven’t survived this slowdown here over the last six or eight months – but the key players are still strong, the industry is still strong,” founder Matt Reichel said.
Boreas, founded in 2015, offers three models of trailer campers, with the cheapest starting at $25,900. This year, Reichel also started offering individual parts for sale, in an attempt to cater to the do-it-yourself crowd.
Reichel said Boreas uses high-quality, DIY-desirable gear, such as composite panels, steel frames and high-end suspensions, that people can’t buy at retail stores like Home Depot.
“Typically a teardrop (trailer) is plywood wrapped in aluminum,” Reichel said. “That’s essentially 1930s technology, and the death of any RV on the road is water leaks and wood.”
Reichel moved to Colorado in 2012 and started the company three years later after taking time off work to camp around Colorado.
“I was doing that backcountry, forest roads and camping off the grid, and the camper I had at the end of the summer had totally fallen apart from being off road,” Reichel said. “I wanted to build something better that would work.”
Boreas’ three models are the AT, which starts at $25,900; XT ($38,990) and the EOS-12 ($79,990). The AT is the entry-level trailer, while the EOS-12 is the largest and includes a shower, bathroom, pop-up roof, hot water and a Garmin operating system.
“There’s certainly a lot of noise in this industry; it has a low-cost entry,” Reichel said. “It’s easy to get into and much harder to scale. What sets us apart has been the functionality of the trailer.”
The EOS-12 from Boreas. (Courtesy Boreas)
Reichel said the new investment will fund marketing, hiring more employees and general expansion. This was the company’s first capital raise.
“Manufacturing is capital-intensive, but we’re at the point where we needed to bring on investment money to help us get to the next stage,” Reichel said.
According to Reichel, the 18-employee camper company hit $5 million in revenue last year, and has about 450 campers on the road. Roughly 40 percent of sales are from Colorado, while the rest come from other states and countries like Canada, Mexico and the United Kingdom.
Reichel started the company on Boreas Pass Road in Breckenridge before moving it to Denver. Last year, he moved the company to a 17,000-square-foot facility at 3004 S. Prairie Ave. in Pueblo because rent is about 50 percent cheaper.
“We’ve been able to absorb these economic woes a lot better in Pueblo than in Denver,” Reichel said. “Real estate in Denver is expensive and we’re not Boeing, we’re Boreas, so every penny counts.”
