Boaz Bikes

Boaz Bikes

Early Stage

Sustainable Mobility: Shared Scooters & Shuttles with a Commitment to Safety and the Environment

Sustainable Mobility: Shared Scooters & Shuttles with a Commitment to Safety and the Environment


Raised to Date: Raised: $29,329

Total Commitments ($USD)



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Security Type

Convertible Note



SEC Filing Type

RegCF    Open SEC Filing

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Year Founded



Transportation, Automotive, Aviation, & Aerospace

Tech Sector


Distribution Model




Capital Intensity



Detroit, Michigan

Business Type


Boaz Bikes, with a valuation of $19.5 million, is raising funds on Wefunder. It is an electric scooter-sharing company focused on safety. Boaz Bikes 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, year-over-year revenues grew 319%, and has reached $2 million in lifetime revenue. Emil I NNANI and Cory Smith founded Boaz Bike in 2018. The current crowdfunding campaign has a minimum target of $125,000 and a maximum target of $3 million. The campaign proceeds will be used for manufacturing and shipping 2,000 additional bikes, expansion into ten cities, equipment, salary, insurance, updating the mobile app, and working capital for the current five markets.

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Financials as of: 08/21/2023
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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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Analyst Report



Boaz Bikes is a shared e-scooter company that provides sustainable, affordable, and safe shared e-scooters to lower-income communities.

Boaz Bikes' e-scooters are designed with a unique feature that allows for the quick swapping of dead batteries in the field, significantly reducing operational expenses compared to competitors. This feature also ensures that the e-scooters have a longer working life, reducing the need for frequent replacements and contributing to sustainability.

Unlike many e-scooter companies, Boaz Bikes is committed to serving low-income neighborhoods, providing them with access to last-mile transportation solutions. The company's strategy involves building relationships with community leaders and locals to reduce the risk of scooter theft and degradation, a common problem other e-scooter companies face in these areas.

Unlike its competitors, Boaz Bikes is focused on operating lean and has been profitable for the last few years. As a capital-intensive business, it requires funding to buy e-scooters and expand to new territories. The company has reached $2 million in lifetime revenue. It is now seeking funding to manufacture and ship 2,000 additional bikes, expand into ten new cities, update its mobile app, and provide working capital for its current markets.

Next Section: Price


Boaz Bikes is currently valued at $19.5 million and is raising funds on Wefunder. Boaz Bikes seems reasonably priced, considering its traction and growth potential. The company generated $753,160 in revenue in the most recent fiscal year, with a low margin level.

The company's revenue-to-valuation multiple seems high at first sight, at 25.9x, but it is on par with the median multiple in the transportation industry on the equity crowdfunding platform.

Next Section: Market


Boaz Bikes operates in the electric scooter market, a segment of the broader transportation industry. The increasing demand for fuel-efficient vehicles and growing concerns over greenhouse gas and carbon emissions are anticipated to drive the adoption of e-scooters, offering a promising outlook for companies in this space. Additionally, stringent emission norms by government agencies, such as emission standards for greenhouse gas emissions by the U.S. Environmental Protection Agency (EPA), are further propelling market growth. This relatively new way of transportation is also pretty cheap and convenient. 

Boaz Bikes aims to reduce the risk associated with operating in these areas by focusing on community engagement and building relationships with local communities. This focus on underserved markets, combined with the company's emphasis on safety and operational efficiency with their innovative scooter design and quick battery swap capability, sets Boaz Bikes apart in the industry.

Despite the promising growth prospects, the e-scooter market faces high regulation, particularly regarding operator licensing. Companies in this industry must navigate these regulations effectively to ensure compliance and successful operation.

Next Section: Team


Boaz Bikes is led by CEO and co-founder Emil Nnani. Nnani has a diverse background as an entrepreneur. He used to win a small clothing business, which he eventually sold for a couple of million. His previous entrepreneurial experiences have likely provided him with valuable insights and lessons that he can apply to the growth and success of Boaz Bikes. Nnani is leading the lean vision of Boaz Bike and taking a salary lower than most employees in e-scooter companies.

COO and co-founder Christiana Winfrey brings the team a wealth of operational expertise. She has worked in operations for various companies, including Uber, from 2010 to 2013. Winfrey is a fractional leader for multiple companies, demonstrating her ability to manage operations across different organizations effectively. Her experience in the ridesharing industry, particularly with Uber, gives her valuable insights into the market and its challenges.

Next Section: Differentiation


Boaz Bikes is a seated e-scooter-sharing company that aims to solve the issues faced by its competitors and open new markets. Unlike most e-scooter companies that only operate in affluent and touristy areas of cities, Boaz Bikes focuses on serving low-income neighborhoods. These neighborhoods often lack access to shared micro-mobility services due to higher risks of theft and degradation. Boaz Bikes differentiates itself by actively creating relationships with the leaders of these underserved communities, reducing the chance of misbehavior towards its products.

Boaz Bikes has a strategy to connect with community leaders in each new location and engage with residents by offering them gift cards to try out the e-scooters. Boaz Bikes aims to increase access to last-mile transportation for lower-income populations by creating relationships with the community and addressing their specific transportation needs. This approach sets Boaz Bikes apart from its competitors, who primarily focus on more profitable areas.

In addition to its focus on serving low-income neighborhoods, Boaz Bikes emphasizes safety as a critical differentiator. The company claims to have a safety-focused approach, with a track record of over 250,000 rides and zero accidents. This commitment to safety sets Boaz Bikes apart from other e-scooter companies that have faced criticism for safety concerns.

While Boaz Bikes differentiates itself through its target market and safety focus, it operates in a highly competitive landscape with established competitors such as Lime, Bird, and Bolt. But these competitors are struggling to reach profitability and even have been banned from Paris. Boaz Bikes could offer a new model to the industry.

Overall, Boaz Bikes stands out in the e-scooter-sharing market by catering to underserved communities, prioritizing safety, and demonstrating strong revenue performance. Its differentiated approach and focus on specific market segments position it well for growth and potential market disruption.

Next Section: Performance


Boaz Bikes grew its revenue by 30% between 2021 and 2022 to reach more than $750,000 last year. The company made $400,000 in the first six months of 2023 and projects to reach $1.5 million in revenue this year. While this may be optimistic, it could happen for two reasons. First, the Summer quarter usually performs well for e-cooter ride shares, and Boaz Bike has a real chance of getting more revenues in the second half of 2023 than in the first one. Second, the most critical point is that if Boaz Bikes raises successfully this round, it will finally have enough capital to buy more bikes and grow. In that case, reaching $1.5 million this year would be a fair projection.

Boaz Bikes is also keeping its safety promise. With over 250,000 rides and no reported accidents, the company is doing better than any competitor and demonstrates the effectiveness of its focus on safety and community engagement.

Boaz Bikes has also expanded its operations across multiple states, holding eight permits in four states. This expansion is a positive sign of the company's growth and ability to navigate the regulatory landscape of the transportation industry.

Boax Bikes just launched its first university partnership with Tarleton State University. It just rolled out vehicles on campus last week for the Fall semester. The company also just won a permit for Orange County, Florida, to operate in Orlando. The company's goal is to raise at least $500k in this current round to fund its expansion into cities in Orange County. How much it raises will determine when it will enter the Los Angeles market.

Financially, Boaz Bikes has been profitable for two years, which is a significant achievement - if not something rare, for a startup in the competitive electric scooter market.

Boaz Bikes' strategy of targeting low-income neighborhoods, which other e-scooter companies often overlook, appears to be paying off. By building relationships with local communities, the company has reduced the risk of scooter theft and degradation, which are common issues in the industry.

Next Section: Risk


Investing in Boaz Bikes carries several risks that should be considered.

Firstly, there is funding risk. While Boaz Bikes has a valuation of $19.5 million, it is raising funds on Wefunder with a minimum target of $125,000 and a maximum target of $3 million. If the company cannot secure sufficient funding, it may struggle to execute its expansion plans and achieve its desired growth.

Additionally, there is competition risk as Boaz Bikes operates in a highly competitive market with well-established players such as Lime, Bird, and Bolt. These competitors have a strong presence and significant market share, limiting Boaz Bikes' potential expansion and bringing a risk that they would imitate the company if Boaz Bikes' strategy starts being successful in the long term.

Customer acquisition risk is also a factor as Boaz Bikes aims to target lower-income populations in neighborhoods where scooter theft and degradation are more common. Convincing these communities to adopt and utilize the service may be a challenge.

Market risk exists as the demand for electric scooters, particularly in lower-income neighborhoods, may not be as high as anticipated.

Finally, there is execution risk as Boaz Bikes must effectively execute its expansion plans, manufacture and ship additional bikes, update its mobile app, and manage operations in multiple cities. Any failure to perform these tasks efficiently could hinder the company's growth and profitability. Prospective investors should carefully consider these risks before making an investment decision.

Next Section: Bullish Outlook

Bullish Outlook

Boaz Bikes is positioned to disrupt the electric scooter market by focusing on safety and serving low-income neighborhoods. Unlike its competitors, who primarily operate in wealthier and touristy areas, Boaz Bikes aims to provide affordable and accessible last-mile transportation options for residents of lower-income districts. By engaging with community leaders and building relationships with locals, Boaz Bikes reduces the risk of theft and misuse of their scooters, making their services more viable in these underserved areas. This unique strategy has proved successful so far.

Furthermore, Boaz Bikes has developed a state-of-the-art scooter design that significantly reduces operational expenses compared to its competitors. With the ability to swap out dead batteries in less than a minute in the field, Boaz Bikes eliminates the need to take scooters off the streets for charging, ensuring a higher availability of scooters for users. This efficient operational model, combined with its commitment to inspecting and monitoring vehicles throughout the day, results in one of the highest-quality shared vehicles in the market.

Last but not least, Boaz Bikes has been profitable for the last couple of years. While its profit margins are still skinny, the company is learning from the mistakes of the industry's first-comers, like Lime, Bird, or Bolt. While Boaz Bikes needs capital to grow, it doesn't need funding to survive, lowering the investment risk for investors.

Boaz Bikes' focus on safety, commitment to providing affordable transportation solutions for underserved communities, and efficient operational model position them well for future success in the competitive electric scooter market. With plans to expand into ten cities, manufacture and ship additional bikes, and invest in equipment and technology updates, Boaz Bikes is poised for continued growth and market penetration.

Next Section: Bearish Outlook

Bearish Outlook

Boaz Bikes aims to provide seated e-scooters to lower-income populations and increase access to last-mile transportation. However, it faces significant challenges in a highly competitive market. The company's direct competitors, including Lime, Bird, and Bolt, have established a strong presence in the electric scooter-sharing space. Boaz Bikes will need to overcome the existing market dominance of these competitors to gain a significant market share.

Furthermore, one of the main reasons why competitors avoid operating in lower-income neighborhoods is the higher risk of scooter theft and degradation. While Boaz Bikes claims to have a strategy to reduce this risk by connecting with community leaders and offering incentives to locals, it remains to be seen whether these measures will effectively mitigate the long-term challenges associated with operating in these areas.

Additionally, the company's financials raise concerns about its profitability and sustainability. Despite achieving a revenue growth rate of 30.54% since its last round, Boaz Bikes reported a net income of only $7,183 in its most recent fiscal year. With a valuation of $19.5 million, the company's profitability indicators are relatively weak. Boaz Bikes can survive thanks to its positive profit margin but still needs capital to grow.

Next Section: Executive Summary

Executive Summary

Boaz Bikes is a unique player in the electric scooter-sharing market, focusing on safety and serving lower-income neighborhoods. The company's state-of-the-art scooter design, which allows for quick battery swaps in the field, significantly reduces operational expenses compared to competitors. This unique approach and a commitment to community engagement positions Boaz Bikes to tap into underserved markets and foster user loyalty.

The company has shown fair growth compared to its available capital. It reached $2 million in lifetime revenue and is maintaining its profitability year over year - a significant achievement in the industry. Furthermore, the company's commitment to safety has resulted in over 250,000 rides without any reported accidents, a testament to its focus on user safety.

However, the electric scooter-sharing market is highly competitive with established players like Lime, Bird, and Bolt. Boaz Bikes must continue innovating and differentiating its offerings to stay ahead. Additionally, while the company's focus on lower-income neighborhoods is commendable, it presents challenges regarding potential scooter theft and degradation.

The current crowdfunding campaign aims to raise funds for manufacturing and shipping additional bikes, expanding into new cities like Orlando and Los Angeles, updating the mobile app, and providing working capital for existing markets. 


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Boaz Bikes on Wefunder 2023
Platform: Wefunder
Security Type: Convertible Note
Valuation: $19,500,000

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