CLIP

CLIP

Closed: Oct. 2023

About this raise

CLIP, with a valuation of $12 million, is raising funds on Wefunder. The company has developed the world’s first plug-and-play device to upgrade all bicycles to e-bikes. The bike-upgrade technology does not require any tools or modifications for installation and is solving a number of problems for urban commuters. CLIP can be used to upgrade both old and new bicycles and is highly affordable and convenient. The business was born out of MIT Media Lab and has already pre-sold over 1,000 units. Somnath Ray and Clement Alcala founded CLIP in June 2018. The current crowdfunding campaign has a minimum target of $50,000 and a maximum target of $250,000. The campaign proceeds will be used for production, marketing, sourcing, and value engineering.

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Investment Overview

Invested this round: $157,798

Deal Terms

Total Commitments ($USD)

Platform
Wefunder
Start Date
01/31/2023
Close Date
10/27/2023
Min. Goal
$50,000
Max Goal
$250,000
Min. Investment

$250

Security Type

SAFE

Series

Seed

SEC Filing Type

RegCF    Open SEC Filing

Valuation Cap

$12,000,000

Discount

20%

Company & Team

Company

Year Founded
2018
Industry
Transportation, Automotive, Aviation, & Aerospace
Tech Sector
Hardwaretech
Distribution Model
B2C
Margin
Medium
Capital Intensity
Low
Location
Brooklyn, New York
Business Type
Growth
Company Website
Visit Website

Team

Employees
4
Prior Founder Exits?
No
Founder Name
Som Ray
Title
CEO
Founder Name
Clément De Alcala
Title
COO

Financials

as of Fiscal Year 2022
 Revenue
$0
 Monthly Burn
$49,962
 Runway
1 months

Summary Profit and Loss Statement

FY 2022 FY 2021

Revenue

$49,538

$0

COGS

$52,969

$0

Tax

$0

$0

 

 

Net Income

$-599,547

$-845,328

Summary Balance Sheet

FY 2022 FY 2021

Cash

$50,915

$378,883

Accounts Receivable

$0

$0

Total Assets

$668,120

$894,833

Short-Term Debt

$668,291

$295,457

Long-Term Debt

$0

$0

Total Liabilities

$668,291

$295,457

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Company Funding & Growth

Funding history

Total Prior Capital Raised
$2,500,000
VC Backed?
No
Close Date Platform Valuation Total Raised Security Type Status Reg Type
10/27/2023 Wefunder $12,000,000 $157,798 SAFE Funded RegCF
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Add to portfolio
CLIP on Wefunder 2023
Platform: Wefunder
Security Type: SAFE
Valuation: $12,000,000

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Follow CLIP on Wefunder 2023

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Warning: according to the close date for this deal, CLIP may no longer be accepting investments.

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