The Drivers Cooperative

The Drivers Cooperative

A ridehailing platform owned by workers, not billionaire founders and venture capital

A ridehailing platform owned by workers, not billionaire founders and venture capital

Overview

Raised this Round: Raised: $1,677,363

Total Commitments ($USD)

Platform

Wefunder

Start Date

11/02/2023

Close Date

03/04/2024

Min. Goal
$50,000
Max. Goal
$2,600,000
Min. Investment

$100

Security Type

Revenue Share

Series

Seed

SEC Filing Type

RegCF    Open SEC Filing

Return Multiple

2.00X

Rev. Share %

2.00%

Year Founded

2020

Industry

Business Services, Software, & Applications

Tech Sector

MarketplaceTech

Distribution Model

B2B2C

Margin

Medium

Capital Intensity

Low

Location

Long Island City, New York

Business Type

Growth

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.

Summary Profit and Loss Statement

FY 2022 FY 2021

Revenue

$6,109,126

$535,318

COGS

$5,552,522

$475,811

Tax

$108,775

$-47,253

 

 

Net Income

$125,912

$-182,710

Summary Balance Sheet

FY 2022 FY 2021

Cash

$356,781

$1,033,424

Accounts Receivable

$902,866

$94,952

Total Assets

$1,891,024

$1,234,303

Short-Term Debt

$139,956

$151,639

Long-Term Debt

$1,800,213

$1,257,721

Total Liabilities

$1,940,169

$1,409,360

Financials as of: 11/02/2023
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Raise History

Offering Name Close Date Platform Valuation/Cap Total Raised Security Type Status Reg Type
The Drivers Cooperative 03/03/2024 Wefunder - $1,677,363 Revenue Share Funded RegCF
The Drivers Cooperative 04/28/2022 Wefunder - $1,706,168 Revenue Share Funded RegCF
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Revenue History

Note: Revenue data points reflect the latest of either the most recent fiscal year's financials, or updated revenues directly from the founder, at each raise's close date.

Employee History

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The Drivers Cooperative on Wefunder 2023
Platform: Wefunder
Security Type: Revenue Share

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