CLIP

CLIP

Early Stage

World's 1st Plug & Play e-bike upgrade device

World's 1st Plug & Play e-bike upgrade device

Overview

Raised this Round: Raised: $157,798

Total Commitments ($USD)

Platform

Wefunder

Start Date

01/30/2023

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%

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

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.

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

Financials as of: 01/30/2023
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CLIP on Wefunder 2023
Platform: Wefunder
Security Type: SAFE
Valuation: $12,000,000

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