Relay On Demand

Overview

Raised to Date: Raised: $206,001

Deal Terms

Investment Momentum

Company Profile

Deal Summary

Financials

Funding History

Total Commitments ($USD)

Platform

Wefunder

Start Date

08/26/2022

Close Date

03/15/2023

Min. Goal

$50,003

Max. Goal

$534,998

Min. Investment

$100

Security Type

Equity - Preferred

Series

Seed

SEC Filing Type

RegCF    

Price Per Share

$5.00

Early Bird Valuation

$25,980,000

Pre-Money Valuation

$30,000,000

Rolling Commitments ($USD)

Status

Funded

Reporting Date

03/26/2023

Days Remaining

Funded

% of Min. Goal

412%

% of Max. Goal

39%

Likelihood of Max

Funded

Avg. Daily Raise

$1,025

# of Investors

196

Momentum

Funded

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Relay On Demand

Year Founded

2018

Industry

Logistics, Delivery, & Supply Chain

Tech Sector

MarketplaceTech

Distribution Model

B2B

Margin

Low

Capital Intensity

Low

Location

Norco, California

Business Type

Growth

Company Website

Relay On Demand, with a valuation of $30 million, is raising funds on Wefunder. The company has developed an app that helps to book truck drivers on demand. It has created a flexible driver workforce with its Relay Drivershare Network that trucking companies can utilize to hire truck drivers on demand. Relay On Demand has more than 10,000 app downloads and has generated $6 million in sales to date. Darrell Pickens founded Relay On Demand in April 2018. The current crowdfunding campaign has a minimum target of $50,003 and a maximum target of $534,998. The campaign proceeds will be used for marketing, hiring, and technology development.

Summary Profit and Loss Statement

	Most Recent Year	Prior Year
Revenue	$3,102,370	$1,045,832
COGS	$2,735,501	$955,298
Tax	$850	$850
Net Income	$-372,834	$-186,131

Summary Balance Sheet

	Most Recent Year	Prior Year
Cash	$112,064	$46,080
Accounts Receivable	$49,997	$0
Total Assets	$162,062	$46,080
Short-Term Debt	$20,685	$30,888
Long-Term Debt	$358,746	$328,198
Total Liabilities	$379,431	$359,086

Financials as of: 08/26/2022

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Raise History

Offering Name	Close Date	Platform	Valuation/Cap	Total Raised	Security Type	Status	Reg Type
Relay On Demand	03/15/2023	Wefunder	$30,000,000	$206,001	Equity - Preferred	Funded	RegCF
Relay On Demand	04/21/2021	Republic	$8,000,000	$496,212	SAFE	Funded	RegCF

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There has been an ongoing nationwide truck driver shortage. That shortage peaked in 2021, reaching as high as 81,258. But according to the American Trucking Association, the problem has persisted ever since the late 1980s. 

This is a huge pain point. Trucks are responsible for more than 70% of domestic cargo shipments. Simply put, the U.S. economy doesn’t work without trucking. 

If a recession arrives this year as many expect, the industry could see a rare balance of driver supply and demand. But it won’t last. And with the economy projected to recover beginning next year, truck drivers will once again be in short supply.

This is a big problem for the country, the economy, and for trucking companies (also known as “carriers”). No single company can solve it. The issue is going to be with us for quite a while. But at least one company is tackling it in a way that makes life easier for both drivers and carriers. That company is Relay on Demand. 

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