| Share

Australians have made it clear: they do want to own top-class racehorses (not just watch or bet on them)



Technology startup company miRunners proves its new model of affordable thoroughbred ownership to everyone: sells all 1,000 units in its first racehorse

Sydney, 25 October, 2017 - Technology startup company miRunners, which has developed a disruptive model to sell affordable ownership units in top-class thoroughbred racehorses, underpinned by its communications technology, has sold all 1,000 units in its first racehorse to everyday Australians.


The model connects top grade thoroughbreds trained by top Australian trainers, and creates new communications channels between trainers and owners, built on technology that delivers scale. This marks a turning point in thoroughbred ownership in Australia, and globally, delivering thoroughbred ownership through a personalized digital experience.

The makeup of owners of miRunners’ first horse reflects today’s Australia - digitally-savvy individuals of all ages engaging and purchasing online, with over 58% of the 1,000 units purchased using smartphones.


The 1,000 units are owned by more than 400 individuals. Owners are grandparents and grandchildren, mothers and daughters, first-timers and life-time horse lovers, professionals and retirees, from Perth to Sydney, and Darwin to Launceston, along with a small number of units sold in Asia.


Steve Brown, co-founder of miRunners, emphasized the disruptive nature of the new model: “There are a number of important factors in this success. First, we’ve made horse ownership affordable, by simply dividing the purchase price of the horse into 1,000 units which we then offer for sale. We bought our first horse, Saganaki, for $165,000, and each of the 1,000 units offered therefore cost owners $165.  We’ll apply this principle to future horses, based on their actual auction prices. And management, training and veterinary fees will remain capped at just $15 per month for the first unit owned, with any additional units purchased having a reduced management fee also unchanged at $5 per month.


“Second, we’ve made horse ownership accessible. Offering quality thoroughbreds through unit ownership presents an alternative to traditional mechanisms, which were limited to 20 shares per horse, regularly costing as much $20,000 per share, often more. Offering access to thoroughbred ownership through affordable units, online, is a world first.


“Third, we’ve made the purchase process simple - just a few clicks either on our mobile app or the purchaser’s laptop. There are no brokers or agents, and no hidden costs.


“Finally,  we’ve made the experience an engaging one - using our proprietary technology that lets the trainers communicate with owners as often as they want, using live and recorded video as well as text and email. This is a first for owners and trainers - and both groups love the real-time communication.


“Taken individually, each of these makes thoroughbred ownership a compelling proposition. Taken together, they have the potential to disrupt the long-established model for thoroughbred ownership.


“With the Melbourne Cup just a week away, we’ve shown that Australians want something more than just an annual bet and seven minutes of TV or digital streaming time. They want to own a horse and be part of its growth, development and training - in fact, our first owners bought all the units in Saganaki even before his first trial run. Australians have demonstrated that they no longer wish to simply watch the show, the wish to be a part of the show.”


Future plans


MiRunners is now planning the purchase of its next thoroughbred, expected to be at January’s Magic Millions sales in the Gold Coast.


On the back of the success with its first offer, miRunners is issuing 1,000 Priority Vouchers for the second horse, to allow those interested in ownership to secure early access to buy units. Final unit cost will be calculated by dividing the actual auction price paid on any thoroughbred into 1,000 units, with management fees unchanged.


“We’re also excited about offering the next 1,000 unit owners something new,” says Steve Brown: “Those who purchase Priority Vouchers will have the added experience of joining the miRunners experts as they inspect candidate yearlings across the country ahead of the sales, being part of the formal auction inspections, and attending the auction ringside or via live video feed.


“This heightened buyers’ experience will be made more special because another of Australia’s leading trainers, Mick Price, joins the miRunners team, alongside Kris Lees. Their reputations as some of the best Australian thoroughbred trainers are an essential part of miRunners’ success. Owners know their horses are with two of the finest trainers in the country.”


The miRunners model and platform have long-term, positive implications for the Australian horse racing industry overall. MiRunners’ platform taps into a hidden demand from Australians for thoroughbred ownership and helps address racing’s potential relevance issues by deploying to mainstream Australia what may prove the industry’s trump card - top-class racehorse ownership.


“The miRunners model and digital platform have the potential to reverse the current challenging trends faced by the sport of racing, making more thoroughbreds available to more people, of all ages, more often, more affordably,” says Steve Brown. “And the exciting opportunity with this model is that it scales to many owners of thoroughbreds both here and beyond Australia, and is applicable to other industries, in any scenario or market in which individuals want real-time experiences of something they care about."


To register priority interest in miRunners’ next horse, go to miRunners web site at miRunners.com.


ENDS.


MiRunners is at:

https://mirunners.com/

https://twitter.com/miRunnersDotCom

https://www.facebook.com/miRunnersDotCom


For more information or for an interview with miRunners, contact:

Alan Smith, Digivizer, 0404 432 700