Boaz Bikes

Boaz Bikes

Growth Stage

Electric shared scooter company that is focused on SAFETY!

Electric shared scooter company that is focused on SAFETY!

Overview

Raised to Date: Raised: $198,606

Total Commitments ($USD)

Platform

StartEngine

Start Date

02/22/2022

Close Date

07/27/2022

Min. Goal
$10,000
Max. Goal
$3,783,715
Min. Investment

$250

Security Type

Equity - Common

Series

Seed

SEC Filing Type

RegCF    Open SEC Filing

Price Per Share

$5.00

Pre-Money Valuation

$50,000,000

Rolling Commitments ($USD)

Status
Funded
Reporting Date

07/30/2022

Days Remaining
Funded
% of Min. Goal
Funded
% of Max. Goal
Funded
Likelihood of Max
Funded
Avg. Daily Raise

$1,281

# of Investors

293

Momentum
Funded
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Year Founded

2018

Industry

Transportation, Automotive, Aviation, & Aerospace

Tech Sector

Hardwaretech

Distribution Model

B2C

Margin

Medium

Capital Intensity

High

Location

Detroit, Michigan

Business Type

Growth

Boaz Bikes, with a valuation of $50 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 $10,000 and a maximum target of $3,783,715. The campaign proceeds will be used to expand in more markets and become operable in over 20 cities with permits issued in more than 30 markets.

Summary Profit and Loss Statement

Most Recent Year Prior Year

Revenue

$130,979

$113,661

COGS

$30,672

$19,175

Tax

$0

$0

 

 

Net Income

$-32,245

$11,650

Summary Balance Sheet

Most Recent Year Prior Year

Cash

$24,899

$16,257

Accounts Receivable

$0

$0

Total Assets

$529,007

$302,064

Short-Term Debt

$0

$0

Long-Term Debt

$549,602

$290,414

Total Liabilities

$549,602

$290,414

Financials as of: 02/22/2022
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Raise History

Offering Name Close Date Platform Valuation/Cap Total Raised Security Type Status Reg Type
Boaz Bikes 04/28/2024 Wefunder $19,500,000 $64,614 Convertible Note Active RegCF
Boaz Bikes 02/28/2023 StartEngine $19,480,046 $155,799 Equity - Common Funded RegCF
Boaz Bikes 07/27/2022 StartEngine $50,000,000 $198,606 Equity - Common Funded RegCF
Boaz Bikes 09/02/2021 Wefunder $40,000,000 $1,233,876 SAFE Funded RegCF
Boaz Bikes 02/27/2021 Wefunder $15,000,000 $930,934 Convertible Note Funded RegCF
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Founder Profile

Founder Profile: Emil Nnani of Boaz Bikes

Electric scooters have been surging in popularity. With their ability to pass by congested city traffic, affordability, and eco-friendliness, there’s a lot to like. However, injuries from electric scooter accidents have also drastically increased in recent years, growing by 222% between 2014 and 2018.


Boaz Bikes is offering rental electric scooters that are specially designed to help riders stay safe while enjoying all the advantages of micro mobility. With a strong emphasis on community, the company also offers its services in underserved areas within cities. We reached out to co-founder and CEO Emil Nnani to learn more about his advice to fellow founders and the team’s determination to reach success.


Note: This interview was conducted over phone and email. It has been lightly edited for clarity and length.


Read Founder Interview

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Boaz Bikes on StartEngine 2022
Platform: StartEngine
Security Type: Equity - Common
Valuation: $50,000,000
Price per Share: $5.00

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