ThrowRaft

When the brunt of the pandemic unfolded in March, Troy Faletra found himself with a different problem than most entrepreneurs: Securing the ability to take advantage of an opportunity.

The founder of ThrowRaft – billed as “the world’s first inflatable throwable type IV personal flotation device” – realized that boating is perhaps the ultimate social distancing activity. And to take advantage of the increased sales he was beginning to see, he needed operating capital for inventory, marketing and insurance, among other things.

Faletra, 47, who founded his Ft. Lauderdale-based company in 2012, didn’t have good experiences with securing capital in the past.

“In raising capital, you should automatically be ready for ‘no,’” he said.

To help with the process, Faletra turned to MultiFunding, and Senior Director of Business Financing Joe McAleer was there to offer a life raft of his own, so to speak.

Working with Joe McAleer at MultiFunding, Faletra applied for a loan in mid-March and was funded by May.

“One of the reasons we were able to get the loan is because Joe guided me through the process,” Faletra said. “It was really cool to learn from a professional. I had a sense they believed in what I was doing.”

Although ThrowRaft is less than a decade old, its genesis was in the late 90s. That’s when Faletra – who had worked at times as a licensed captain, in yacht management, in guide services and the construction industry -- found himself in a sinking boat in the Atlantic Ocean, more than nine miles off the coast of Ft. Lauderdale. He had replaced a pump, but it was seated improperly, allowing the water to come in.

“I literally jumped in the water and five minutes later [the boat] was 30 feet beneath my feet,” he said.

He swam for 16 hours before reaching the shore. The close call led him to improve life saving devices, which hasn’t been improved in decades.

“This industry segment (throwable device) has not seen innovation or product change since [standards of saving lives at sea] rules and regulations were created in the year 1914, shortly after the Titanic sank!” Faletra wrote on a startup network website.

Enter the ThrowRaft, which has the approval of the United States Coast Guard, not to mention six patents in 38 countries. The original version inflates manually or when submerged underwater, is nine times smaller than the ring buoy and five times smaller than the square cushions. It may be reused multiple times.

“I’ve had to really, really put my head down and focus on this and make it my life,” Faletra said.

Despite the revolutionary product, Faletra’s had to struggle with being a small fish in a big sporting goods pond. Getting his products into major retailers has proven difficult, but yet successful. Companies like Walmart, West Marine, Cabela's/DBA Bass Pro Shops and Amazon Prime understand the innovative nature and usefulness of his products.

Although Faletra has made some headway, a chunk of the new funding will be used, in part, to improve his own capabilities as a distributor.