About this raise

AquiPor, with a valuation of $55.52 million, is raising funds on StartEngine. The company has developed an innovative technology that is meant to revolutionize stormwater systems in cities across the US. AquiPor’s proprietary technology converts roads and sidewalks into permeable surfaces and filters rain as and when it falls. It helps to eliminate pollution from stormwater and replenishes the natural water cycle. AquiPor’s technology is patented and will help reduce millions of dollars in infrastructure improvement costs. Greg Johnson and Matthew Russell founded Aquipor in October 2015. The current crowdfunding campaign has a minimum target of $7,497.87 and a maximum target of $4.3 million. The campaign proceeds will be used for marketing, research and development, company employment, operations, working capital, and intellectual properties.

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Investment Overview

Committed this round: $152,546

Deal Terms

Total Commitments ($USD)

Platform
StartEngine
Start Date
11/21/2024
Close Date
04/30/2025
Min. Goal
$7,498
Max Goal
$4,321,823
Min. Investment

$498

Security Type

Equity - Common

Series

Seed

SEC Filing Type

RegCF    Open SEC Filing

Price Per Share

$2.93

Pre-Money Valuation

$55,524,159

Company & Team

Company

Year Founded
2015
Industry
Industrial Services
Tech Sector
Cleantech
Distribution Model
B2B/B2C
Margin
Low
Capital Intensity
High
Location
Spokane, Washington
Business Type
Growth
Company Website
Visit Website

Team

Employees
4
Prior Founder Exits?
No
Founder Name
Kevin Kunz
Title
Co-Founder & VP of Market Development
Founder Name
Greg Johnson
Title
CEO

Financials

as of Fiscal Year 2023
 Revenue
$0
 Monthly Burn
$50,000
 Runway
4.5 months

Summary Profit and Loss Statement

FY 2023 FY 2022

Revenue

$0

$0

COGS

$0

$0

Tax

$0

$0

 

 

Net Income

$-512,994

$-698,316

Summary Balance Sheet

FY 2023 FY 2022

Cash

$188,616

$268,588

Accounts Receivable

$0

$0

Total Assets

$571,556

$649,150

Short-Term Debt

$61,355

$45,130

Long-Term Debt

$97,528

$94,649

Total Liabilities

$158,883

$139,779

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Synopsis

AquiPor is a company operating in the industrial services sector, specializing in permeable pavement technology. The company focuses on developing solutions to improve stormwater management in urban areas across the United States. AquiPor's main customers include municipalities, developers, and contractors who are involved in infrastructure projects and urban planning.

The primary problem AquiPor addresses is the challenge of managing stormwater runoff in urban environments. Traditional concrete surfaces, such as roads and sidewalks, are impermeable, leading to increased runoff, pollution, and strain on existing stormwater systems. This can result in flooding, erosion, and water pollution, which are significant concerns for city planners and environmental agencies.

AquiPor offers a solution through its permeable pavement technology. This technology transforms conventional hard surfaces into permeable ones, allowing rainwater to pass through and be filtered at the point of contact. By doing so, it helps reduce pollution, replenish groundwater, and alleviate the burden on stormwater infrastructure.

In everyday scenarios, heavy rainfall in urban areas often leads to water pooling on streets and sidewalks, causing inconvenience and potential hazards for pedestrians and drivers. AquiPor's technology addresses this by enabling water to flow through the pavement, minimizing surface water accumulation. This approach not only aids in stormwater management but also contributes to environmental sustainability by supporting the natural water cycle.

Next Section: Price

Price

AquiPor is offering Common Equity in its current funding round. The pre-money valuation is set at approximately $55.5 million, with shares priced at $2.93 each. This valuation reflects the company's position in the market and its potential for growth as it aims to commercialize its permeable pavement technology.

Investing in common equity provides shareholders with voting rights, aligning investors with the company's long-term strategic decisions. However, it places them lower in the capital structure compared to preferred equity holders in terms of liquidation preferences. This means common equity holders may face greater risk in the event of company liquidation.

For startups like AquiPor, the exit potential largely depends on successful market penetration and scaling of operations. To achieve a 10X return for investors, AquiPor would need to reach a post-exit valuation of approximately $555 million, not accounting for dilution. This level of return would require significant growth in revenue and market share, as well as effective execution of its business strategy.

The current valuation suggests a high revenue multiple, which may indicate that the company is perceived as overvalued relative to its current revenue-generating capabilities. This could present a challenge to investors seeking favorable deal terms, as high revenue multiples often imply increased risk and a need for substantial growth to justify the investment.

Next Section: Market

Market

The addressable market for AquiPor’s permeable pavement technology is the U.S. pervious pavement sector, valued at approximately $3.2 billion. This market is experiencing a growth rate of about 5.8% annually. Market drivers include the increasing need for effective stormwater management solutions due to urbanization and climate change impacts, such as flooding and heavy rainfall. These factors contribute to a growing demand for sustainable infrastructure solutions that AquiPor’s technology aims to address.

Trends in the market emphasize the importance of environmentally friendly construction practices and government incentives for sustainable development. The push for technologies that reduce the heat island effect and enhance groundwater recharge offers potential growth opportunities for AquiPor. However, the challenge of clogging in porous pavement solutions remains a concern, potentially impacting adoption rates.

AquiPor's products are designed to appeal to a broad segment within the pervious pavement market. The technology targets municipalities, developers, and contractors involved in infrastructure and urban development projects. While the market is not niche, the success of AquiPor’s permeable pavement depends on its ability to integrate seamlessly with existing systems and meet industry standards for strength and durability.

The size and growth of the market present substantial opportunities for AquiPor, but successful market penetration will depend on addressing challenges such as product maintenance and cost effectiveness. If AquiPor can demonstrate the tangible benefits and reliability of its technology, it stands to benefit from the positive trends driving the market forward.

Next Section: Team

Team

AquiPor's team is led by Greg Johnson, who serves as the CEO. Johnson brings over 11 years of experience in construction-related and climate tech startups. His background in early-stage technology development and fundraising is critical for AquiPor's growth and market entry strategies. Johnson's leadership is instrumental in directing the company's market and business development efforts.

Matt Russell, P.E., is the inventor and advisor at AquiPor. With over 30 patents and a strong background in civil, mechanical, and chemical engineering, Russell's technical expertise underpins the development of AquiPor's permeable pavement technology. His experience in engineering and concrete technology development is vital for the company's product innovation and technical advancement.

Josh Chastek serves as the product engineer, focusing on concrete product development and research. Chastek's role in leading product development, including mix designs and quality control standards, is crucial for ensuring the technical readiness and performance of AquiPor's solutions.

Bill Powers, the marketing director, brings decades of experience in marketing and branding. He has been pivotal in guiding AquiPor's messaging and communications through multiple crowdfunding campaigns and product developments.

The team's skills and experience align well with AquiPor's objectives of commercializing its technology and penetrating the market. However, as the company scales, expanding the team to include additional expertise in sales and business development could be beneficial for achieving future milestones and enhancing market reach.

Next Section: Differentiation

Differentiation

AquiPor operates in the permeable pavement industry, where it faces competition from established companies like BASF SE, Sika AG, and Cemex. These competitors are large, multinational corporations with extensive resources and product lines that include various construction materials beyond permeable pavement solutions.

In terms of company size, AquiPor is smaller compared to these industry giants, which allows for potentially more agile operations and a focused approach to niche market needs. However, the larger competitors benefit from economies of scale and established market presence, which can influence pricing strategies and market penetration.

Product quality is a critical differentiator for AquiPor. The company emphasizes the strength and durability of its permeable pavement technology, which is designed to integrate seamlessly with existing infrastructure. This focus on product performance is essential in a market where reliability and compliance with industry standards are paramount.

Pricing strategies for AquiPor's products will need to be competitive yet reflect the added value of its patented technology. While larger competitors might offer lower prices due to scale, AquiPor's pricing will likely focus on the long-term cost savings and environmental benefits of its solutions.

Customer demographics for AquiPor include municipalities, developers, and contractors involved in infrastructure projects. These customers are typically focused on urban development and are seeking solutions that address stormwater management and sustainability challenges. The ability to effectively communicate the benefits of its technology to these stakeholders will be crucial for AquiPor's market success.

Next Section: Performance

Performance

AquiPor is currently in the pre-revenue stage, demonstrating no revenue growth over the past fiscal year. The company's financial performance reflects its ongoing focus on research and development as it prepares for market entry. The most recent monthly burn rate is approximately $50k, while cash on hand stands at about $227k. This financial position indicates a limited runway, necessitating efficient capital management and potentially requiring additional funding to sustain operations and support growth initiatives.

The net income for the most recent fiscal year was a loss of approximately $513k, compared to a prior fiscal year loss of around $698k. This reduction in net loss suggests some progress in managing expenses, although the company remains unprofitable. The focus on refining its technology and preparing for commercialization has likely contributed to these financial figures.

AquiPor's total assets at the end of the most recent fiscal year were approximately $572k, with liabilities comprising short-term debt of about $61k and long-term debt of approximately $98k. These metrics highlight the company's capital structure and its need to balance debt management with growth aspirations.

As AquiPor moves towards commercialization, its financial performance will be closely linked to its ability to convert technological advancements into marketable products. Achieving revenue generation and managing operational expenses will be critical for enhancing financial stability and supporting long-term growth objectives.

Next Section: Risk

Risk

AquiPor faces several specific risks that investors should consider. The company is in the pre-revenue stage, implying significant execution risk as it attempts to commercialize its technology. This stage requires effective scaling and market adoption, which can be challenging without a proven revenue model.

The valuation of AquiPor is marked by a high revenue multiple, which suggests that the current valuation may exceed the company's financial performance. This high multiple could indicate overvaluation, posing potential risks in terms of achieving expected returns for investors unless substantial growth is realized.

Another risk factor is the potential for adoption challenges, as AquiPor's technology is relatively early to market. This poses a risk of slow adoption rates as municipalities, developers, and contractors may require convincing evidence of the technology's benefits and long-term viability before widespread adoption.

The company's financial runway is another area of concern. With a monthly burn rate around $50k and limited cash reserves, AquiPor may need to secure additional funding in the near term to sustain operations and support its growth ambitions. This reliance on external funding could lead to further dilution for existing investors.

Finally, while AquiPor holds patents for its technology, it operates in a market with established competitors. The competitive landscape requires the company to continuously innovate and effectively market its products to capture market share. This competitive pressure may impact AquiPor's ability to achieve significant traction in its target markets.

Next Section: Bullish Outlook

Bullish Outlook

AquiPor is positioned to benefit from significant market opportunities and growth potential within the permeable pavement sector. The market is valued at $3.2 billion with a growth rate of 5.8%, driven by increasing urbanization and the need for effective stormwater management solutions. AquiPor's patented technology offers a competitive advantage by addressing these needs with a focus on sustainability and environmental benefits.

The company stands out due to its unique product strengths, such as high permeability and durability, which can appeal to municipalities and developers looking for long-term solutions to urban water challenges. This differentiation is further supported by the technical expertise of its team, particularly the contributions of inventor and advisor Matt Russell, who holds over 30 patents.

Growth drivers for AquiPor include leveraging emerging trends in sustainable infrastructure and green building practices. The company's expansion plans aim to target new markets and broaden its customer base, which could significantly enhance its market position. Additionally, the development of new product lines like AquiFlow and AquiSorb signifies potential for further innovation and market penetration.

While AquiPor is currently pre-revenue, its focus on securing partnerships and pilot projects could pave the way for future revenue streams. The company's efforts to refine its technology for commercialization and its strategic use of funding to enhance production capabilities suggest a roadmap toward financial sustainability.

Overall, AquiPor's alignment with market trends, its strong technological foundation, and the expertise of its team present a positive outlook. The ability to capitalize on these factors could lead to significant growth and establish AquiPor as a key player in the permeable pavement industry.

Next Section: Bearish Outlook

Bearish Outlook

AquiPor faces several challenges that contribute to a bearish outlook. The company operates in a highly competitive market where established players like BASF SE and Sika AG have significant resources and market presence. This competitive pressure could limit AquiPor's ability to gain market share and influence pricing strategies, potentially impacting revenue growth.

Market adoption remains a concern. Although AquiPor's technology addresses stormwater management issues, convincing municipalities, developers, and contractors to switch from traditional solutions may prove difficult. This slow adoption could impede AquiPor's growth, particularly if the market does not recognize the immediate value of its products.

From a financial perspective, AquiPor's pre-revenue status and high valuation multiple suggest potential overvaluation. This could deter investors seeking favorable deal terms. Additionally, the company's limited cash reserves and high burn rate highlight a need for further funding to sustain operations and scale effectively. Without securing additional investment, AquiPor may struggle to execute its business strategy and achieve profitability.

There are also potential concerns regarding the company's team and leadership. While the team possesses relevant industry experience, the lack of full-time dedication from some key members could impact strategic focus and operational execution. This may hinder the company's ability to respond to market challenges and capitalize on growth opportunities effectively.

Overall, these factors present significant hurdles for AquiPor. Overcoming competitive, financial, and market adoption challenges will be crucial to shifting the company's outlook towards a more positive trajectory.

Next Section: Executive Summary

Executive Summary

AquiPor is a company focused on permeable pavement technology, targeting municipalities, developers, and contractors to address stormwater management challenges. The company operates in the industrial services sector, with a core mission to provide sustainable infrastructure solutions.

From a financial perspective, AquiPor is offering Common Equity with a pre-money valuation of approximately $55.5 million and a share price of $2.93. The company is in the pre-revenue stage, with a monthly burn rate of about $50k and cash reserves around $227k, indicating a limited runway. The financial health underscores the need for effective capital management and potential fundraising to support growth.

The U.S. pervious pavement market, valued at $3.2 billion and growing at 5.8% annually, presents significant opportunities for AquiPor. The company differentiates itself through patented technology that emphasizes product quality and environmental benefits. However, competition from larger firms like BASF SE and Sika AG poses challenges in terms of market penetration and pricing strategies.

AquiPor's team, led by CEO Greg Johnson, brings relevant experience in technology development and market strategy. The technical expertise of inventor Matt Russell and product engineer Josh Chastek is crucial for advancing the company's product offerings. However, expanding the team to include sales and business development expertise could enhance market reach.

On the bullish side, AquiPor benefits from positive market trends favoring sustainable infrastructure and government incentives. The patented technology positions the company well to capture market share. Conversely, the bearish outlook highlights risks such as high valuation multiples, pre-revenue status, and potential adoption challenges.

Considering both the bullish and bearish factors, AquiPor presents a mixed investment opportunity. The company's strong market potential and technical differentiation are promising, but financial constraints and competitive pressures warrant careful consideration by investors. The decision to invest should weigh the growth opportunities against the inherent risks of a pre-revenue company in a competitive market.

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Company Funding & Growth

Funding history

Total Prior Capital Raised
$5,014,717
VC Backed?
No
Close Date Platform Valuation Total Raised Security Type Status Reg Type
04/30/2025 StartEngine $55,524,159 $152,546 Equity - Common Active RegCF
07/22/2024 StartEngine $51,946,534 $1,085,191 Equity - Common Funded RegCF
08/29/2022 StartEngine $50,370,232 $1,554,261 Equity - Common Funded RegCF
09/22/2020 StartEngine $19,400,000 $1,069,895 Equity - Common Funded RegCF
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Growth Charts

Revenue History

Note: Revenue data points reflect the latest of either the most recent fiscal year's financials, or updated revenues directly from the founder, at each raise's close date.

Valuation History

Price per Share History

Note: Share prices shown in earlier rounds may not be indicative of any stock splits.

Employee History

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AquiPor on StartEngine 2024
Platform: StartEngine
Security Type: Equity - Common
Valuation: $55,524,159
Price per Share: $2.93

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