About this raise

Boaz Bikes, with a valuation of $19.5 million, is raising funds on StartEngine. It is an electric scooter-sharing company focused on safety. The scooters have a 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. Boaz Bikes’ revenues per ride surpassed its competitors’ in 2021, and year-over-year revenues grew 319%. Emil I NNANI and Cory Smith founded Boaz Bike in 2018. The current crowdfunding campaign has a minimum target of $9,998.76 and a maximum target of $3.8 million. The campaign proceeds will be used to expand in more cities and markets and grow the annual revenue.

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Investment Overview

Invested this round: $155,799

Deal Terms

Total Commitments

Platform
StartEngine
Start Date
11/01/2022
Close Date
03/01/2023
Min. Goal
$9,999
Max Goal
$3,799,996
Min. Investment

$248

Security Type

Equity - Common

Company Stage

Early Stage

SEC Filing Type

RegCF    Open SEC Filing

Price Per Share

$1.94

Pre-Money Valuation

$19,480,046

Company & Team

Company

Year Founded
2018
Industry
Transportation, Automotive, Aviation, & Aerospace
Tech Sector
Hardwaretech
Distribution Model
B2C
Margin
High
Capital Intensity
High
Location
Detroit, Michigan
Business Type
Growth
Company Website
Visit Website

Team

Employees
5
Prior Founder Exits?
Yes
Founder Name
Emil Nnani
Title
CEO

Financials

 Revenue +341% YoY
$576,970
 Monthly Burn
Profitable
 Cash on Hand
$106,767
 Gross Margin
61%

Summary Profit and Loss Statement

Most Recent Year Prior Year

Revenue

$576,970

$130,979

COGS

$223,799

$30,672

Tax

$761

$0

 

 

Net Income

$97,031

$-32,245

Summary Balance Sheet

Most Recent Year Prior Year

Cash

$106,767

$24,899

Accounts Receivable

$0

$0

Total Assets

$798,455

$309,911

Short-Term Debt

$0

$0

Long-Term Debt

$673,367

$424,229

Total Liabilities

$673,367

$424,229

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Company Funding & Growth

Funding history

Total Prior Capital Raised
$1,553,770
VC Backed?
No
Close Date Platform Valuation Total Raised Security Type Status Reg Type
04/29/2024 Wefunder $19,500,000 $62,834 Convertible Note Funded RegCF
03/01/2023 StartEngine $19,480,046 $155,799 Equity - Common Funded RegCF
07/28/2022 StartEngine $50,000,000 $198,606 Equity - Common Funded RegCF
09/03/2021 Wefunder $40,000,000 $1,216,270 SAFE Funded RegCF
02/28/2021 Wefunder $15,000,000 $653,244 Convertible Note 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

Company Updates

When I first talked with Emil in early 2022, his company already had better metrics than most of its competitors. In 2021, Boaz Bikes was profitable and had no reported accidents over its first 200,000 rides. Back then, it was a small startup with good potential. Now, its growth is what matters.

View Company Update

Founders: enhance your startup's credibility on Kingscrowd. Create an account to claim this raise page.
Add to portfolio
Boaz Bikes on StartEngine 2022
Platform: StartEngine
Security Type: Equity - Common
Valuation: $19,480,046
Price per Share: $1.94

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