CLIP
Early Stage
World's 1st Plug & Play e-bike upgrade device
Overview
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
Valuation Cap
$12,000,000
Discount
20%
Rolling Commitments ($USD)
Status
Funded
Reporting Date
10/30/2023
Days Remaining
Funded
% of Min. Goal
Funded
% of Max. Goal
Funded
Likelihood of Max
Funded
Avg. Daily Raise
$587
# of Investors
142
Momentum
Funded
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Year Founded
2018
Industry
Transportation, Automotive, Aviation, & Aerospace
Tech Sector
Hardwaretech
Distribution Model
B2C
Margin
Medium
Capital Intensity
Low
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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