EarthGrid

EarthGrid

About this raise

EarthGrid, with a valuation of $60 million, is raising funds on NetCapital. The company has designed its tunnel-boring technology to create an underground network of tunnels. The technology of EarthGrid aims to create a network of underground utility tunnels bored by a plasma tunnel boring robot, making the process faster, more efficient, and less costly. EarthGrid works on Boring and Drilling as a Simple Service (B.A.D.A.S.S.) and Build Own Operate & Maintain (B.O.O.M.) model to eliminate fossil fuels and offer ultra-high-speed Internet, sustainable clean water, transportation, and delivery services. Troy Helming and Scott Lane founded EarthGrid in September 2016. The current crowdfunding campaign has a minimum target of $10,000 and a maximum target of $5 million. The campaign proceeds will be used for the tunnel boring machine, plant equipment, and compensation for managers.

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Investment Overview

Invested this round: $3,346,521

Deal Terms

Total Commitments ($USD)

Platform
Netcapital
Start Date
11/14/2022
Close Date
08/31/2023
Min. Goal
$10,004
Max Goal
$4,999,998
Min. Investment

$101

Security Type

Equity - Common

Series

Seed

SEC Filing Type

RegCF    Open SEC Filing

Price Per Share

$4.38

Pre-Money Valuation

$60,006,000

Company & Team

Company

Year Founded
2016
Industry
Energy, Power, & Natural Resources
Tech Sector
Cleantech
Distribution Model
B2B
Margin
Low
Capital Intensity
High
Location
Richmond, California
Business Type
Growth
Company Website
Visit Website

Team

Employees
7
Prior Founder Exits?
Yes
Founder Name
Troy Helming
Title
CEO
Founder Name
Scott Lane
Title
Chief Operations Officer

Financials

as of Fiscal Year 2022
 Revenue
$31,139
 Monthly Burn
$546,554
 Runway
0.7 months

Summary Profit and Loss Statement

FY 2022 FY 2021

Revenue

$1,711

$31,139

COGS

$0

$0

Tax

$0

$0

 

 

Net Income

$-6,558,646

$-273,604

Summary Balance Sheet

FY 2022 FY 2021

Cash

$397,096

$14,111

Accounts Receivable

$0

$4,725

Total Assets

$1,861,515

$184,208

Short-Term Debt

$74,309

$225,143

Long-Term Debt

$5,625,730

$0

Total Liabilities

$5,700,039

$225,143

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Company Funding & Growth

Funding history

Total Prior Capital Raised
$5,841,900
VC Backed?
No
Close Date Platform Valuation Total Raised Security Type Status Reg Type
10/15/2024 Netcapital $80,412,096 $1,239,194 Equity - Common Funded RegCF
08/31/2023 Netcapital $60,006,000 $3,346,521 Equity - Common Funded 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

Price per Share History

Note: Share prices shown in earlier rounds may not be indicative of any stock splits.

Employee History

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Add to portfolio
EarthGrid on NetCapital 2022
Platform: Netcapital
Security Type: Equity - Common
Valuation: $60,006,000
Price per Share: $4.38

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Follow EarthGrid on NetCapital 2022

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

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