Boaz Bikes
Growth Stage
Electric shared scooter company that is focused on SAFETY!
Overview
Raised: $198,606
Total Commitments ($USD)
Platform
StartEngine
Start Date
02/23/2022
Close Date
07/28/2022
Min. Goal
$10,000
Max. Goal
$3,783,715
Min. Investment
$250
Security Type
Equity - Common
Series
Seed
SEC Filing Type
RegCF
Price Per Share
$5.00
Pre-Money Valuation
$50,000,000
Rolling Commitments ($USD)
Status
Funded
Reporting Date
07/31/2022
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
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: 02/23/2022
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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 | $28,503 | 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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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.
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