Boaz Bikes

Early Stage

Electric shared scooter company that is focused on SAFETY!


Raised to Date: Raised: $930,934

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Detroit, Michigan


Transportation, Automotive, Aviation, & Aerospace

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Boaz Bike, with a valuation cap of $15 million, is raising crowdfunding on Wefunder. It is an electric scooter sharing company focused on safety. The scooters have state-of-the-art design and come with batteries that can be swapped out in less than a minute compared to taking scooters home to charge. Emil I NNANI and Cory Smith founded Boaz Bike in 2018 and have raised over $280,000 since the inception. The current crowdfunding round has a minimum raise of $125,000 and a maximum raise of $1,070,000. The funds will be used for the purchase of 1,000 more bikes, expansion into five cities, insurance, marketing, and paying for and shipping back 300 additional bikes. Boaz Bike has reported zero accidents in over 20,000 trips and has three city permits. The company generated $26,000 monthly revenue in June 2020, $32,000 in July 2020, and expects to generate over $50,000 in August 2020.

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Financials as of: 08/20/2020
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Raise History

Offering Name Close Date Platform Valuation/Cap Total Raised Security Type Status Reg Type
Boaz Bikes 07/28/2022 StartEngine $50,000,000 $198,606 Equity - Common Funded RegCF
Boaz Bikes 09/03/2021 Wefunder $40,000,000 $1,233,876 SAFE Funded RegCF
Boaz Bikes 02/28/2021 Wefunder $15,000,000 $930,934 Convertible Note Funded RegCF
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The KingsCrowd investment team wanted to provide research on Boaz Bike although it was not selected as a Top Deal or Deal to Watch. If you have questions regarding our deal diligence or selection methodology, please reach out to

The Boaz Bike founder is part of traditionally underrepresented groups in startup investing.

Analysis written by Daniel Jones.


As urban populations grow, micromobility is becoming increasingly popular. E-scooters and bike share programs help solve the issue of transit deserts while also enabling the flexibility, ease-of-use, and low cost that consumers demand. However, they are also prone to causing injuries, especially when inexperienced operators use them. In 2018 alone, there were nearly 15 thousand reported accidents involving e-scooters. Of these, 32% involved head injuries. One USA Today article estimated that between 2014 and 2018 there were around 40 thousand e-scooter injuries. Each year over this timeframe posted worse numbers than the year before. Injuries also occur with e-bikes, but at around 3 thousand in 2018, they have proven safer than their e-scooter counterparts.


One company that has recognized the safety concerns facing this movement is Boaz Bike. The firm’s founder, Emil Nnani, noticed the number of injuries occurring in the space. He decided to take it upon himself to design and market a safer alternative. Boaz Bike created an e-scooter with a strong unibody aluminum framed unit. Each one is fitted with a more comfortable seat than the thin, hard ones e-bikes commonly have. The seat helps to create a lower center of gravity compared to standing, making them safer than other e-scooters. The tires are also extra-thick, which management claims increases stability during transport. Perhaps most important is the fact that each device is paired with a helmet that gets sanitized daily. 

So far, the results have been encouraging. Across three cities, the company has seen its users take more than 20 thousand trips. Not a single one has resulted in a reported accident. The company also makes it easy for new users to join its network by downloading an app. This allows them to locate, unlock, and ride almost instantly. At this time, the company charges only $1 to rent an e-scooter and $0.25 for every minute it’s ridden. The company is also considering other methods of revenue generation, including parking fees, group rides, and advanced unit booking. 

At a price of $405 per unit, the company’s expansion costs are fairly low. With its current capital raise, the company hopes to buy up to 1,300 new e-scooters and expand to a total of 20 cities or more between now and May of 2021. This will also require some costs associated with employment. But according to management its business model is quite lean. One employee is capable of swapping batteries in 10 units in a span of less than 25 minutes. The time needed to sanitize the helmets should be virtually immaterial. 

Since launching, Boaz Bike has done well to grow its business. In 2019, the company’s revenue totaled just $36,441. It generated a net loss that year of $291,057, and its operating cash outflows were $242,120. Comprehensive financials are not available for any portion of this year, but so far the results are excellent. Management claims that in the three months ending in June, revenue averaged $15,000 per month while costs were just $9,000 per month. In June alone, sales were $26,000. In July, this grew to $32,000. If management’s own guidance is accurate, this figure should have surged to about $50,000 in August. That’s quite an impressive growth rate if it holds true. 


The market that Boaz Bike operates in is fairly small, but growing at a nice clip. According to one source, the global micromobility market should be worth about $11.56 billion today. If all goes according to plan and the industry expands at the forecasted rate of 11.95% per annum, then by the end of the forecast period (2029), the market should be $31.95 billion in size. It is worth mentioning, though, that there are different estimates of just how large this market is. 

One source, for instance, pegs the global e-scooter market at about $19.99 billion today. Its forecast is for the space to grow at about 7.7% per annum until it reaches $41.98 billion in 2030. A separate source pegs the market at closer to $16.13 billion today. Its forecast is for it to expand to around $22.10 billion by 2025. In terms of revenue today, the US and Europe are significant markets. Revenue from the combined regions should grow to around $12 billion by 2025. China, however, should not be discounted. Current forecasts peg the market opportunity there at about $6 billion in the next five years. 

Price points will vary between all of these regions, but the opportunity — as measured by trips — should be material for any players involved. In the US, 84 million trips were taken on shared micromobility devices in 2018. This is double the figure seen just a year earlier. It’s worth mentioning that 38.5 million of these trips were done on e-scooters, while 36.8 million were on e-bikes or similar vehicles.


The key figure behind Boaz Bike is Emil NNani, the business’ founder and CEO. Nnani has a long history of running startups. Previously, he was the CEO of Errand Driver, a ride-sharing and service-errand app. Before that, he was CEO of Christ Lyke Clothing. An even earlier venture of his was E-Fetti, where he was a self-promoted music artist. Another important figure behind Boaz Bike is COO Christiana Winfrey, who brings multiple years of transportation industry experience. At present, Winfrey works as an Operational Consultant and Project Manager for various companies. Her role before that was as a Senior Manager of Operations at iCARS, and before that she was founder and COO of Titan Urban Transportation. The last key figure worth pointing out at Boaz Bike is CFO Cory Smith. He also currently works as the VP of Finance and Revenue Operations at Northspyre. Before that, Smith was Director of Finance at SportsRecruits. Prior roles also include serving as Head of Strategic Finance at Redline Startup Advisors and as Director of Financial Planning and Analysis at Geller & Company. 


After a careful evaluation of Boaz Bike, our team has rated the company a Neutral prospect. On the positive side, there is a significant growth in traction as shown by Boaz’s increased revenue in recent months. The firm’s team also looks solid with both entrepreneurial experience and transportation experience. The micromobility industry, while not exactly large, is growing at a good clip. While these positives are encouraging, there are negatives to consider as well. The $15 M valuation seems high for the company’s current stage. Additionally, the market is highly competitive and filled with incumbents. It’s difficult to see if Boaz Bike can achieve the necessary scale in order to remain viable long-term. These problems don’t mean investors shouldn’t invest. But they do mean that investors should tread cautiously in deciding whether Boaz Bike is the right prospect for them.

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Boaz Bike on Wefunder
Platform: Wefunder
Security Type: Convertible Note
Valuation: $15,000,000
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