Boaz Bikes
[Closed for Investment] 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.
Investment Overview
Raised: $198,606
Deal Terms
Total Commitments ($USD)
- Platform
- StartEngine
- Start Date
- 02/23/2022
- Close Date
- 07/28/2022
$10,000
$3,783,715
$250
Equity - Common
Seed
RegCF
$5.00
$50,000,000
Company & Team
Company
- Year Founded
- 2018
- Industry
- Transportation, Automotive, Aviation, & Aerospace
- Tech Sector
- Distribution Model
- B2C
- Margin
- Medium
- Capital Intensity
- High
Financials
- Revenue +15% YoY
- $130,979
- Monthly Burn
- $2,687
-
Runway
- 9.3 months
- Gross Margin
- 77%
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Company Funding & Growth
Funding history
| 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 |
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
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.