CityFreighter
Electric trucks with lower costs and faster time-to-market
Overview
Raised: $643,304
Total Commitments ($USD)
Platform
Wefunder
Start Date
07/31/2020
Close Date
03/24/2021
Min. Goal
$50,000
Max. Goal
$535,000
Min. Investment
$100
Security Type
SAFE
Series
Seed
Funding Type
RegCF
Valuation Cap
$7,500,000
Discount Rate
20%
Rolling Commitments ($USD)
Status
Funded
Reporting Date
03/31/2021
Days Remaining
Funded
% of Min. Goal
1,287%
% of Max. Goal
120%
Likelihood of Max
Funded
Avg. Daily Raise
$2,726
# of Investors
1,284
Momentum
Funded
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Location
Santa Barbara, California
Industry
Transportation, Automotive, Aviation, & Aerospace
Tech Sector
CommerceTech
Distribution Model
B2B
Margin
Medium
Capital Intensity
High
CityFreighter, with a $7.5 million valuation cap, is raising funds on Wefunder. The company makes electric trucks with lower costs and a modular approach. The concept used by CityFreighter provides maximum flexibility and intelligent solutions for logistics companies. Michael Schoening founded CityFreighter in 2018 and has raised over $400,000 since its inception. The proceeds of the current crowdfunding round, with a minimum raise of $50,000 and a maximum raise of $535,000, will be used to start building the prototype chassis. CityFreighter works on a unique modular system that helps to build different vehicle variations quickly and saves millions of dollars on development costs. The company is building strong collaborations with global partners and starting in the largest key markets, the US and Europe.
Summary Profit and Loss Statement
| Most Recent Year | Prior Year | |
|---|---|---|
|
Revenue |
$0 |
$0 |
|
COGS |
$151,579 |
$33,545 |
|
Tax |
$0 |
$0 |
| ||
| ||
|
Net Income |
$-220,323 |
$-85,270 |
Summary Balance Sheet
| Most Recent Year | Prior Year | |
|---|---|---|
|
Cash |
$345 |
$0 |
|
Accounts Receivable |
$0 |
$0 |
|
Total Assets |
$57,511 |
$33,545 |
|
Short-Term Debt |
$0 |
$100 |
|
Long-Term Debt |
$0 |
$0 |
|
Total Liabilities |
$0 |
$100 |
Financials as of: 07/31/2020
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