Early Stage

Pioneering the next generation of electric bicycles

Pioneering the next generation of electric bicycles


Raised to Date: Raised: $813,791

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Year Founded



Transportation, Automotive, Aviation, & Aerospace

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San Francisco, California

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Beno, with a valuation of $39 million, is raising funds on Wefunder. The company is building innovative electric mobility solutions by combining innovative technology with beautiful aesthetics. Reevo, the hubless e-bike of Beno, is a futuristic e-bike integrated with cutting-edge technology. Beno has generated $5.5 million in orders in the past nine months and has $7 million worth of orders committed for the first and second quarters of 2022. Alec Lim and Ivan Chew founded Beno in September 2020. The current crowdfunding campaign has a minimum target of $100,000 and a maximum target of $5,000,000. The campaign proceeds will be used for maintaining current operations, manufacturing expansion, product development, R&D, and marketing and growth.

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Financials as of: 08/31/2021
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Electric bicycles (e-bikes) are becoming more popular in the US. This increase in popularity is due to e-bikes’ advantages over other vehicles, such as cars and motorbikes. They are relatively cheaper than cars and motorcycles while also serving as a fast micro-mobility vehicle option. E-bikes also significantly reduce carbon emissions and traffic congestion. 

Beno is introducing the world’s first e-bike with hubless wheels (wheels without central pieces), the Reevo. This futuristic look aims to draw a distinction from Beno’s competitors. Reevo has features such as a triple-barrier security system, biometric access, a USB charging port, and more. Beno intends for Reevo to be a complete e-bike package, giving consumers the ability to make one purchase without sacrificing features or functionality. The company currently has 10 patents pending for its technology. Beno created its first campaign to enable pre-orders for Reevo on Indiegogo. Although its current main product is the e-bike, the company plans to tap into the electric motorcycle market in 2023. 

Beno’s current Wefunder raise has been rated a Neutral Deal by the KingsCrowd investment team. 

Next Section: Price


Beno is raising a Crowd SAFE at a $39 million valuation with no discount. The company was able to raise an impressive $5.5 million in pre-orders from its Indiegogo campaign. Taking those pre-orders as revenue, Beno would have an attractive revenue-to-valuation multiple of 7x. However, this multiple is not certain because any number of these orders could be cancelled. Considering that the product has not reached the market yet, a $39 million valuation is inflated. On top of that, the current round has no discount, making it even less favorable for investors.

Next Section: Market


Electric bikes (e-bikes) have been popular in countries such as Europe and China longer than they have been in the US. Twice as many e-bikes as cars will be bought each year in Europe by 2030. The US e-bike market has been picking up its growth, but it could be better. Unlike countries that consider bicycles a means of transportation, Americans are more likely to consider bicycles fitness equipment. E-bikes are designed to make cycling easier and therefore do not appeal to the fitness-minded riders. 

Nevertheless, e-bike sales in the US have soared by 145% between 2019 and 2020. This uptick might be due to how COVID-19 highlighted the importance of micro-mobility when public transportation services were stopped. Both regulatory and urban infrastructure have greatly improved in major US cities, promoting mass adoption of cycling. This trend further accelerates the potential of the e-bike market. 

Beno is targeting the global market, according to its Indiegogo campaign. The global e-bike market was valued at $25.03 billion in 2020 with an annual growth rate of 9.95%. Beno’s obtainable market will be smaller than this since it is a competitive market. However, it will still be a relatively huge market size with a decent growth rate. Taking together the market size, market growth, and its potential, Beno has ample opportunity to secure a niche for itself. 

Next Section: Team


Beno was co-founded by CEO Alec Lim and CFO Andrew Ooi. Lim has a degree in manufacturing engineering from University of Nottingham. Prior to Beno, he worked as a research development mechanical engineer at Motorola Solutions and research and development specialist at Keysight Technologies. Ooi went to University of Northumbria at Newcastle for his undergraduate degree, though it’s not clear what that degree was in. Both founders demonstrate limited industry experience and managerial skills. As a result, their ability to lead the company to success is questionable.

Beno’s other 15 team members are balanced across engineering, marketing, supply chain, and compliance. Some notable key members include CTO Ivan Chew and Lead Engineer Andrea Stona. Chew got a bachelor’s degree in electrical and computer systems engineering as well as a PhD in wireless smart lighting systems from Monash University Malaysia. Prior to joining Beno, Chew had various experiences related to research and manufacturing, notably in the semiconductor industry. His expertise is definitely key in building Reevo and guaranteeing its high quality. Stona has more than 20 years of experience in various engineering-related fields. He founded KERR SrL that focuses on the research and development in electronic and custom software development. His role in Beno is crucial because he is in charge of the triple barrier antitheft system, overall system engineering design, and quality testing. His seasoned experience further assures consumers and investors of product quality. On the other hand, while Stona is a key team member, it is uncertain how committed he is to Beno since he is still running his company concurrently. This lack of dedication might affect the speed of the product development. 

Concerningly, Beno’s founders seem to lack necessary expertise, and one of the key team members is not fully dedicated. The company is also not surrounded by advisors or notable investors that can assist the growth of the company with a wide network. 

Next Section: Differentiators


Since the electric bike (e-bike) has been significantly gaining popularity, the market itself is getting more crowded. Competitors are segmented into different categories, such as premium and affordable brands. Beno positions itself in the premium segment. However, the company also competes with the affordable brands, such as RadRunner and Aventon. Although these e-bikes are high-quality products, they lack the technology Beno has, which justifies its higher price tag. 

Compared to premium brands with almost similar prices — such as Trek and Stromer — there are some key technology features that differentiate Beno’s Reevo model. Those features are autonomous headlamps, turn signals, and most importantly, the triple-barrier antitheft technology. Beno focuses on the security of its bikes to address the major theft concern in the industry. With those features, Beno has a huge lead in developing extremely secure e-bikes. Moreover, Beno has 10 patents pending for its product technology, making it defensible. Beno has successfully differentiated its product in a crowded market, an impressive accomplishment.

Next Section: Performance


Beno has been showing impressive signs of traction. The company’s previous pre-order campaign in November 2020 on Indiegogo received $1,384,694 from 739 backers, and the current campaign has received $5,911,228 in nine months. The company also gained a tremendous eight million followers from social media and wide media coverage. Moreover, about $7 million worth of pre-orders have been committed by its distributor. 

While all of this traction is appealing, none of these pre-orders are realized yet. Beno is still considered pre-revenue, as its products have not reached commercialization yet. The company also has no prior fundraising that it can rely on. Furthermore, Beno has quite an amount of short-term debt at $1.9 million. Beno will need to turn its pre-orders into reality and begin collecting revenue soon in order to continue growing as a company. 

Next Section: Risks


Beno has a moderate risk profile. The company has some product risk, since it has not reached commercialization yet. As no customers have tried the product, it is not certain that the finished e-bikes will be as superior as promised. With this being said, the current valuation of $39 million is too high for the stage the company is at right now. The company also bears some financial risk, since it is still burning a lot of money. On top of that, the company has not raised any investment rounds prior to the current round and holds nearly $2 million in short term debt. Beno needs new capital in order to deliver, but it also needs to prove that its product and business model will be successful. The capital it has raised from the Indiegogo pre-order campaign can be nullified if the company fails to deliver electric bikes to its consumers. 

Next Section: Bearish Outlook

Bearish Outlook

Beno has been operating since 2016, and its products have not reached the market yet. This timeline might indicate either slow growth or that the team has spent a lot of time in the product research and development. Beno is valued at a high valuation despite being a pre-revenue company. The company also has massive short-term debt, even though it has not been able to secure any investment prior to this round. Additionally, the company is led by two founders who lack experience in this particular industry and whose skills do not complement each other. The e-bike market is also very crowded and competitive. Although it is growing, the market might soon be saturated with too many options for consumers to choose. Beno could struggle to stand out amidst its competition.

Next Section: Bullish Outlook

Bullish Outlook

Although Beno has not delivered its products to the market yet, the Reevo e-bike has been receiving attention and excitement. Its Indiegogo campaign has gainedaround $7.2 million in pre-orders. If Beno can successfully deliver, this will turn into revenue in just the first year of launching Reevo. The company promises its pre-order consumers that the estimated shipment is in December 2021. Aside from that, Beno also has a great media engagement. This exposure has built a strong community that is looking forward to the product. 

The Reevo e-bike has strong key advantages in technology features compared to its competitors, which are autonomous headlamps, turn signals, and the triple-barrier antitheft. Currently, these features appear to be unique to Reevo. Beno is targeting a wide initial market, which encompasses the European and US markets.

Next Section: Executive Summary

Executive Summary

Beno sells electric bikes (e-bikes) that have futuristic designs with a lot of technological features. These e-bikes are a premium product that offer key advantages in its triple-barrier antitheft. The company’s pre-order campaigns on Indiegogo have built huge anticipation from its potential customers. So far, the company has acquired about $7 million from pre-orders. The company is initially targeting the European and US markets, which gives Beno potential to grab substantial market share. On the other hand, the e-bike market is also very competitive and crowded. Beno is also a pre-revenue company that has not commercialized its products to the market yet. Hence, there is a risk that it will not be able to deliver its products to its customers, and the quality of the product is uncertain. Considering Beno has not reached the market yet, the current valuation is too high for its stage of development. The company is also led by founders who have limited experience in this industry and no complementary skills. Taking everything into account, Beno is a Neutral Deal at this time. 

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Analysis written by Inez Sanjaya.

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Beno on Wefunder 2021
Platform: Wefunder
Security Type: SAFE
Valuation: $39,000,000

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