Overview

Raised to Date: Raised: $155,799

Deal Terms

Investment Momentum

Company Profile

Deal Summary

Financials

Funding History

Total Commitments ($USD)

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

Series

Seed

SEC Filing Type

RegCF    

Price Per Share

$1.94

Pre-Money Valuation

$19,480,046

Rolling Commitments ($USD)

Status

Funded

Reporting Date

03/31/2023

Days Remaining

Funded

% of Min. Goal

Funded

% of Max. Goal

Funded

Likelihood of Max

Funded

Avg. Daily Raise

$1,298

# of Investors

273

Momentum

Funded

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Boaz Bikes

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

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.

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

Financials as of: 11/01/2022

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Raise History

Offering Name	Close Date	Platform	Valuation/Cap	Total Raised	Security Type	Status	Reg Type
Boaz Bikes	04/29/2024	Wefunder	$19,500,000	$29,329	Convertible Note	Active	RegCF
Boaz Bikes	03/01/2023	StartEngine	$19,480,046	$155,799	Equity - Common	Funded	RegCF
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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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.

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