The Drivers Cooperative
A ridehailing platform owned by workers, not billionaire founders and venture capital
Overview
Raised: $1,706,168
Total Commitments ($USD)
Platform
Wefunder
Start Date
07/18/2021
Close Date
04/29/2022
Min. Goal
$50,000
Max. Goal
$2,500,000
Min. Investment
$100
Security Type
Revenue Share
Series
Pre-Seed
SEC Filing Type
RegCF
Return Multiple
2.50X
Rolling Commitments ($USD)
Status
Funded
Reporting Date
04/30/2022
Days Remaining
Funded
% of Min. Goal
Funded
% of Max. Goal
Funded
Likelihood of Max
Funded
Avg. Daily Raise
$6,008
# of Investors
1,228
Momentum
Funded
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Year Founded
2020
Industry
Business Services, Software, & Applications
Tech Sector
MarketplaceTech
Distribution Model
B2B2C
Margin
Medium
Capital Intensity
Low
The Drivers Cooperative, a ride-hailing platform, is raising crowdfunding on Wefunder. The platform is owned by the drivers themselves and helps them get a larger share of the fare, and profits come back to them. The drivers also get democratic control over the decisions that impact their lives. The Drivers Cooperative was founded by the New York City drivers in April 2020. The proceeds of the current crowdfunding raise, with a minimum target of $50,000 and a maximum target of $2,500,000, will be used towards payroll for engineering, marketing, and operations teams, rider and driver marketing, and SG&A expenses. The Drivers Cooperative has over 3,000 drivers recruited to the platform and has completed 2,000 trips since its launch in May 2021.
Summary Profit and Loss Statement
| Most Recent Year | Prior Year | |
|---|---|---|
|
Revenue |
$2,314 |
$0 |
|
COGS |
$2,410 |
$0 |
|
Tax |
$0 |
$0 |
| ||
| ||
|
Net Income |
$5,455 |
$0 |
Summary Balance Sheet
| Most Recent Year | Prior Year | |
|---|---|---|
|
Cash |
$8,519 |
$0 |
|
Accounts Receivable |
$0 |
$0 |
|
Total Assets |
$8,519 |
$0 |
|
Short-Term Debt |
$3,069 |
$0 |
|
Long-Term Debt |
$0 |
$0 |
|
Total Liabilities |
$3,069 |
$0 |
Financials as of: 07/18/2021
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