Growth Stage

Powering electric vehicles with better motors, batteries, electronics, and software

Powering electric vehicles with better motors, batteries, electronics, and software


Raised to Date: Raised: $229,425

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RegCF    Open SEC Filing

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Year Founded



Transportation, Automotive, Aviation, & Aerospace

Tech Sector


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San Francisco, California

Business Type


Bimotal, with a valuation of $28.5 million, is raising funds on Wefunder. The company designs and develops electric powertrains for small electric vehicles. Bimotal system ensures electric vehicles have better electronics, motors, batteries, and software. The products of Bimotal include Elevate, a direct-to-consumer product, Mid-Drive, a business-to-business product, and a soon-to-launch wheelchair. Toby Ricco founded Bimotal in July 2019. The current crowdfunding campaign has a minimum target of $100,000 and a maximum target of $1.24 million. The campaign proceeds will be used for the Elevate production ramp, the Wheelchair concept prototype, business development, marketing, and salaries.

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Financials as of: 08/25/2023
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Analyst Report



As the world moves toward more sustainable means of transportation, the electric vehicle (EV) market is booming. However, the focus has largely been on larger vehicles like cars and trucks, leaving a gap in the market for smaller EVs. Bimotal aims to fill this gap by designing and developing custom electric powertrains for small EVs, such as e-bikes and wheelchairs.

A powertrain is the heart of an EV, encompassing the electric motor, gearbox, battery, charger, electronics, and software. Bimotal's products are designed to enhance these components, improving the performance and efficiency of small EVs. Their product line includes Elevate, a direct-to-consumer e-bike motor, and Mid-Drive, a business-to-business enhanced e-bike motor. They are also in the process of developing a powertrain for wheelchairs.

By improving the technology of small EVs, Bimotal is contributing to the wider push for environmental sustainability. With better-performing and more efficient EVs, more people may be encouraged to switch from traditional vehicles, reducing carbon emissions and environmental impact. However, hundreds of competitors are offering e-bikes and e-bikes conversion kits. Bimotal faces fierce competition. 

Next Section: Price


Bimotal is raising funds through SAFE on Wefunder at a valuation of $28.5 million with a 20% discount rate. Early bird investors can invest at a $25 million valuation SAFE with a 20% discount rate.

With a revenue multiple of 23.36, Bimotal's valuation seems reasonable compared to other e-bike crowdfunding deals, given its current revenue and growth potential. The company generated $1.2 million in revenue in its most recent fiscal year, with a remarkable annual revenue growth rate of 800%. Bimotal's is profitable, which is an encouraging sign for investors. A lean startup presents fewer bankruptcy risks.

Next Section: Market


The global e-bike market is undergoing rapid growth, driven by various factors, including technological advancements, COVID-19-related lockdowns, and increased demand for eco-friendly modes of transport. Technological advancements have significantly improved the capabilities of e-bikes, with leading industry players such as Robert Bosch GmbH offering features such as remote diagnostics, integrated navigation, and automatic emergency calls. Furthermore, COVID-19 lockdowns and the subsequent need to avoid public transport have significantly increased demand for e-bikes. 

Reports indicate that in 2021, the U.S. alone saw sales of 500,000 units of e-bikes, while global sales are expected to reach 10 million units by 2023. This indicates a significant market opportunity for Bimotal. However, it's worth noting that the market is extremely competitive, with more than 500 well-established players worldwide.

To face the competitive landscape, Bimotal diversified its offering by offering three products: the Elevate (a direct-to-consumer bike conversion kit), Mid-Drive (a business-to-business e-bike motor), and a soon-to-launch wheelchair motor. The products are designed to provide better electronics, motors, batteries, and software for small EVs.

Next Section: Team


Bimotal was founded by CEO Toby Ricco. Ricco previously worked for Tesla as a Power Electronics Technical Lead. He is a first-time founder with a strong technical background and a deep understanding of electric powertrains. Ricco's vision for Bimotal is to design and develop custom electric powertrains for small electric vehicles, filling a gap in the market for technical development.

Ricco co-founded Bimotal with Amir Kalantari, who left the company after six months. The team now counts eight engineers on top of Ricco, and one employee responsible for business development and operations.

Next Section: Differentiation


Bimotal operates in a highly competitive market with at least 500 established competitors worldwide. Bimotal diversified its business by selling high-quality powertrain solutions for e-bike conversion kits, mid-ride e-bikes, and soon wheelchairs.

While Bimotal has one patent to protect its technology, it isn't much differentiated from competitors. The competitive landscape is extremely crowded, with over 500 direct competitors, including Ride1UP Prodigy, Bafang Front, Cytronex, and Rubbee X. These competitors offer similar solutions in the market. Bimotal is positioned as a high-end premium brand. For example, its e-bike conversion kit is priced at $1,950, while many competitors sell kits around $500 to $1,000. Bimotal isn't targeting mainstream customers but the least price-sensitive ones.

Next Section: Performance


Bimotal has achieved significant traction and success in recent years. The company's Elevate product has garnered $400,000 in pre-orders, indicating strong customer demand. Additionally, Bimotal has secured a supply agreement for its mid-drive product, expected to generate $15 million in annual revenue starting in 2023. 

Furthermore, Bimotal has signed a development partnership with an e-bike brand, resulting in a $5.5 million deal, including $3.3 million in engineering fees and $2.2 million in non-dilutive equity. These partnerships highlight Bimotal's ability to attract strategic collaborations and leverage its expertise in the electric powertrain industry.

Financially, Bimotal has a monthly burn rate of $53,000 and had $423,000 in cash on hand at the most recent reporting period. The company's revenue growth has been impressive, with annual revenue reaching $1,219,947 in 2022, representing a staggering 800% growth rate. Bimotal was profitable last year, which is a positive sign for a company in such a competitive market. Running lean is Bimotal's best chance to survive and incentivizes investors to back the company.

Next Section: Risk


The highly competitive nature of Bimotal's market makes this investment risky. Bimotal faces competition from both thousands of indirect and more than 500 direct competitors, including companies like Ride1UP Prodigy, Bafang Front, Cytronex, and Rubbee X. This competition could potentially limit Bimotal's market share and revenue growth. Bimotal doesn't seem to be differentiated from competitors and is expensive. This could limit the company's growth potential if it cannot demonstrate superior quality, pull off a great marketing campaign, and build the right connections for its B2B sales.

Additionally, the American e-bike market is only worth about $1 billion. This is a pretty low number for a market with hundreds of competitors. While the market is growing fast, many e-bike startups will have to fail soon as they cannot capture enough market share. Bimotal will have to raise capital and run lean to get a chance to survive.

Next Section: Bullish Outlook

Bullish Outlook

Bimotal has already gained traction with its direct-to-consumer product, Elevate, and its business-to-business product, Mid-Drive. The company's revenue growth has been impressive, with annual revenue reaching $1.2 million and an impressive growth rate of 800% since the last round. The company successfully launched its products by demonstrating product-market fit. The company is well-positioned to take advantage of the fast-growing US e-bike market, expanding at an annual rate of 22.6%.

Next Section: Bearish Outlook

Bearish Outlook

Bimotal, while operating in a highly competitive market, faces challenges in establishing a strong competitive advantage. The electric powertrain industry for e-bikes is becoming increasingly crowded, with several direct and indirect competitors vying for market share. Bafang Front, Cytronex, and Rubbee X are among the top direct competitors in this space, while Ride1UP Prodigy poses an indirect competitive threat. Bimotal will need to differentiate itself significantly to capture a substantial portion of the market - which could be possible thanks to its wheelchair product.

While Bimotal has patents and a promising product lineup, including the Elevate, Mid-Drive, and a soon-to-launch wheelchair, the company's ability to successfully bring these products to market and generate significant sales remains uncertain. The success of Bimotal will heavily rely on its execution and ability to navigate the highly competitive landscape.

Next Section: Executive Summary

Executive Summary

Bimotal designs and develops electric powertrains for small electric vehicles (EVs). The firm's product portfolio includes Elevate, a consumer-oriented e-bike motor; Mid-Drive, a business-to-business enhanced e-bike motor; and a soon-to-launch electric wheelchair. The company's main advantages are its diversification and the innovation surrounding its future wheelchair motor. 

The company has demonstrated significant traction with $400,000 worth of pre-orders for its Elevate product and a supply agreement in 2023 for its Mid-Drive product, which is expected to generate $15 million in annual revenue. Bimotal has also secured a development partnership with an e-bike brand worth $5.5 million, including $3.3 million in engineering fees and $2.2 million in non-dilutive equity. The company's annual revenue stands at $1,219,947, representing a growth of 800%.

However, the market Bimotal operates in is extremely competitive, with low barriers to entry. The company's valuation of $28.5 million seems reasonable, given its traction and revenue growth. The proceeds from the current crowdfunding campaign will be used for the production ramp of Elevate, the creation of a wheelchair concept prototype, business development, marketing, and salaries.

Overall, Bimotal is a good but not exceptional investment opportunity. Its valuation is fair but not great. Its market is fast-growing but crowded. And its founding team is competent but not impressive. 


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Bimotal on Wefunder 2023
Platform: Wefunder
Security Type: SAFE
Valuation: $28,500,000

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