NovoMoto

NovoMoto

Closed: Jul. 2020

About this raise

NovoMoto, with a valuation cap of $4.5 million, is raising funds on WeFunder. The company is a for-profit social enterprise providing affordable and clean electricity to off-grid communities in Africa. The electricity is provided through high-quality solar systems at a lower cost than other inferior solutions. NovoMoto was founded by Aaron Olson and Mehrdad Arjmand and has raised more than $450,000 since its founding. The proceeds of the current crowdfunding round, with a minimum goal of $50,000 and a maximum goal of $1,070,000, will be used for purchasing hardware and for operational costs like salaries and travel expenses of the team. NovoMoto has completed over 300 solar installations, with a 13% month-over-month growth since 2017.

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Investment Overview

Invested this round: $420,186

Deal Terms

Total Commitments

Platform
Wefunder
Start Date
01/06/2020
Close Date
07/30/2020
Min. Goal
$50,000
Max Goal
$1,070,000
Min. Investment

$100

Security Type

Convertible Note

Series

Pre-Seed

SEC Filing Type

RegCF    Open SEC Filing

Valuation Cap

$4,500,000

Discount

20%

Company & Team

Company

Year Founded
2015
Industry
Energy, Power, & Natural Resources
Tech Sector
Cleantech
Distribution Model
B2C
Margin
Low
Capital Intensity
High
Location
Madison, Wisconsin
Business Type
Life Style
Company Website
Visit Website

Team

Employees
5
Founder Name
Mehrdad Arjmand
Title
CEO
Founder Name
Aaron Olson
Title
Co-Founder

Financials

 Revenue
$21,045
 Monthly Burn
$2,552
 Runway
24+ months

Summary Profit and Loss Statement

Most Recent Year Prior Year

Revenue

$21,045

$10,904

COGS

$27,822

$5,907

Tax

$64

$6

 

 

Net Income

$-30,629

$-7,145

Summary Balance Sheet

Most Recent Year Prior Year

Cash

$67,953

$29,792

Accounts Receivable

$26,441

$10,904

Total Assets

$147,604

$65,037

Short-Term Debt

$0

$0

Long-Term Debt

$204,473

$64,000

Total Liabilities

$204,473

$64,000

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Company Funding & Growth

Funding history

Close Date Platform Valuation Total Raised Security Type Status Reg Type
07/30/2020 Wefunder $4,500,000 $420,186 Convertible Note Funded RegCF
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Add to portfolio
NovoMoto on Wefunder
Platform: Wefunder
Security Type: Convertible Note
Valuation: $4,500,000

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