HiveTracks

HiveTracks

Closed: Apr. 2023

About this raise

HiveTracks, with a valuation of $7.5 million, is raising funds on Wefunder. The company has developed the technology to use bees as biosensors to track biodiversity. The HiveTracks technology is, thus, solving the scalability problem in biodiversity data with its data-driven innovation, along with providing more information related to disease tracking, climate factors, air quality and pollution, and local flowering patterns. HiveTracks has a beekeeper community of more than 20,000, with over 225,000 tracked hives. Max Runzel, James Wilkes, and Laura Dye founded HiveTracks in February 2011. The current crowdfunding campaign has a minimum target of $50,000 and a maximum target of $1.24 million. The campaign proceeds will be used for human resources, sales and marketing, and general and administrative expenses.

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Investment Overview

Invested this round:
$68,912 - RegCF
$128,912 - Total

Deal Terms

Total Commitments

Platform
Wefunder
Start Date
02/22/2023
Close Date
04/30/2023
Min. Goal
$50,000
Max Goal
$1,235,000
Min. Investment

$100

Security Type

SAFE

Company Stage

Early Stage

SEC Filing Type

RegCF / RegD 506(c)    Open SEC Filing

Valuation Cap

$7,500,000

Discount

15%

Company & Team

Company

Year Founded
2011
Industry
Consumer Products, Goods & Services
Tech Sector
Biotech
Distribution Model
B2B
Margin
High
Capital Intensity
Low
Location
Creston, North Carolina
Business Type
High Growth
Company Website
Visit Website

Team

Employees
4
Prior Founder Exits?
No
Founder Name
Max Rünzel
Title
CEO
Founder Name
James Wilkes
Title
Founder
Founder Name
Laura Dye
Title
COO

Financials

 Revenue +152% YoY
$167,716
as of FY2021
 Monthly Burn
$19,713
as of FY2021
 Runway
2.7 months
as of FY2021
 Gross Margin
75%
as of FY2021

Summary Profit and Loss Statement

FY 2021 FY 2020

Revenue

$167,716

$66,518

COGS

$42,408

$19,300

Tax

$0

$0

 

 

Net Income

$-236,558

$-78,533

Summary Balance Sheet

FY 2021 FY 2020

Cash

$52,464

$24,420

Accounts Receivable

$0

$0

Total Assets

$571,431

$66,643

Short-Term Debt

$148,530

$2,209

Long-Term Debt

$643,644

$48,619

Total Liabilities

$792,174

$50,828

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Company Funding & Growth

Funding history

Total Prior Capital Raised
$1,250,837
VC Backed?
No
Close Date Platform Valuation Total Raised Security Type Status Reg Type
04/30/2023 Wefunder $7,500,000 $128,912 SAFE Funded RegCF / RegD 506(c)
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Founder Interview

HiveTracks Founder Max Rünzel on Bees and Biodiversity Management

Biodiversity -- or the tremendous variety of life on Earth -- is an important indicator of the health of our planet. All the plants, animals, insects and microorganisms that exist all around us must maintain a delicate balance in order to survive. Measuring biodiversity is crucial for us to understand how to best care for our environment. 

HiveTracks is doing its part to make biodiversity measurement a reality. The company harnesses the power of honey bees -- which can detect and respond to environmental and climate impacts earlier than humans can -- to gather data on the environment. Beekeepers can use the HiveTracks app to monitor the health of their hives, gather data on local plant life, and more. KingsCrowd reached out to HiveTracks CEO and co-founder Max Rünzel to learn more about how the company is helping to gather essential environment data -- one bee at a time.

Note: This interview was conducted over phone and email. It has been lightly edited for clarity and length.

Read Founder Interview

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Add to portfolio
HiveTracks on Wefunder 2023
Platform: Wefunder
Security Type: SAFE
Valuation: $7,500,000

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

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