About this raise
The Drivers Cooperative is raising funds on Wefunder. It is a ride-hailing platform owned by the drivers themselves and helps them get a larger share of the fare. The Drivers Cooperative also helps drivers get democratic control over the decisions that impact their lives and drive profits back to them. The platform has more than 10,000 drivers signed up so far and has grown to a revenue of $6.1 million in 2022. Erik Forman, Mohammad Hossen, and New York City drivers founded The Drivers Cooperative in April 2020. The current crowdfunding campaign has a minimum target of $50,000 and a maximum target of $2.6 million. The campaign proceeds will be used for software development, operations, driver onboarding, marketing, and general and administrative expenses.
Investment Overview
Invested : $1,677,363
Deal Terms
Total Commitments
- Platform
- Wefunder
- Start Date
- 11/03/2023
- Close Date
- 03/04/2024
$50,000
$2,600,000
$100
Revenue Share
RegCF
2.00X
2.00%
Company & Team
Company
- Year Founded
- 2020
- Industry
- Business Services, Software, & Applications
- Tech Sector
- Distribution Model
- B2B2C
- Margin
- Medium
- Capital Intensity
- Low
Financials
- Revenue +1,041% YoY
-
$6,109,126
as of FY2022
- Monthly Burn
-
Profitable
as of FY2022
-
Cash on Hand
-
$356,781
as of FY2022
- Gross Margin
-
9%
as of FY2022
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Company Funding & Growth
Funding history
- Total Prior Capital Raised
- $0
- VC Backed?
- No