Earth Rides (2022)

Earth Rides (2022)

Closed: Apr. 2022

About this raise

Earth Rides, with a valuation of $50 million, is raising funds on Wefunder. The company offers a rideshare facility with a fleet of electric vehicles. It aims to provide access to clean technology to everyone and electric vehicle ownership regardless of socioeconomic status. Earth Rides has the first-mover advantage in the electric rideshare space and reported a 205% increase in revenue in the second quarter of 2021 compared to the previous quarter. Raven Hernandez and Peter Smith founded Earth Rides in 2019. The current crowdfunding campaign has a minimum target of $50,000 and a maximum target of $1,070,000. The campaign proceeds will be used for app improvements, marketing, vehicles, R&D, and general and administrative expenses.

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Investment Overview

Invested this round: $781,499

Deal Terms

Total Commitments

Platform
Wefunder
Start Date
01/07/2022
Close Date
04/28/2022
Min. Goal
$50,000
Max Goal
$1,070,000
Min. Investment

$250

Security Type

Convertible Note

Company Stage

Growth Stage

SEC Filing Type

RegCF    Open SEC Filing

Valuation Cap

$50,000,000

Discount

0%

Company & Team

Company

Year Founded
2019
Industry
Transportation, Automotive, Aviation, & Aerospace
Tech Sector
Cleantech
Distribution Model
B2B2C
Margin
Medium
Capital Intensity
Low
Location
Nashville, Tennessee
Business Type
Growth
Company Website
Visit Website

Team

Employees
6
Prior Founder Exits?
No
Founder Name
Raven Hernandez
Title
CEO
Founder Name
Peter Smith
Title
President of Technology & Marketing

Financials

 Revenue
$88,705
 Monthly Burn
Profitable
 Cash on Hand
$93,299
 Gross Margin
50%

Summary Profit and Loss Statement

Most Recent Year Prior Year

Revenue

$88,705

$27,294

COGS

$44,427

$23,582

Tax

$0

$0

 

 

Net Income

$7,109

$-48,245

Summary Balance Sheet

Most Recent Year Prior Year

Cash

$93,299

$83,910

Accounts Receivable

$0

$0

Total Assets

$195,706

$188,217

Short-Term Debt

$1,131

$751

Long-Term Debt

$0

$0

Total Liabilities

$1,131

$751

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Company Funding & Growth

Funding history

Close Date Platform Valuation Total Raised Security Type Status Reg Type
04/28/2022 Wefunder $50,000,000 $781,499 Convertible Note Funded RegCF
01/07/2022 Wefunder $40,000,000 $912,236 Convertible Note Funded Test the Waters / RegCF
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Growth Charts

Revenue History

Note: Revenue data points reflect the latest of either the most recent fiscal year's financials, or updated revenues directly from the founder, at each raise's close date.

Valuation History

Employee History

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Earth Rides on Wefunder 2022
Platform: Wefunder
Security Type: Convertible Note
Valuation: $50,000,000

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

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