Upshift (2023)

About this raise

Upshift, with a valuation cap of $15 million, is raising funds on Wefunder. The company offers a fractional car leasing service that provides drivers the peace of mind of having a car on the days they drive, without the friction of owning a car. Members can request a car in advance or with as short notice as 1 hour, and they will receive a clean car with a full tank at their doorstep. Upshift also enables members to subscribe to their service and receive a car on designated days regularly. Ezra Goldman and Ayako Hiwasa founded Upshift in October 2012. The current crowdfunding campaign has a minimum target of $50,000 and a maximum target of $447,000. The campaign proceeds will be used for hiring (engineering, design, marketing, operations, marketing and general operating expenses.

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Investment Overview

Invested this round: $129,738

Deal Terms

Total Commitments

Platform
Wefunder
Start Date
12/22/2022
Close Date
04/30/2023
Min. Goal
$50,000
Max Goal
$447,000
Min. Investment

$100

Security Type

SAFE

Company Stage

Early Stage

SEC Filing Type

RegCF    Open SEC Filing

Early Bird Val. Cap

$13,000,000

Valuation Cap

$15,000,000

Discount

0%

Company & Team

Company

Year Founded
2012
Industry
Transportation, Automotive, Aviation, & Aerospace
Tech Sector
MarketplaceTech
Distribution Model
B2C
Margin
Medium
Capital Intensity
Low
Location
San Francisco, California
Business Type
Growth
Company Website
Visit Website

Team

Employees
7
Prior Founder Exits?
No
Founder Name
Ayako Hiwasa
Title
Operations
Founder Name
Ezra Goldman
Title
CEO

Financials

 Revenue +37% YoY
$196,677
as of FY2021
 Monthly Burn
$49,826
as of FY2021
 Runway
4.8 months
as of FY2021
 Gross Margin
40%
as of FY2021

Summary Profit and Loss Statement

FY 2021 FY 2020

Revenue

$196,677

$143,464

COGS

$117,300

$38,221

Tax

$0

$0

 

 

Net Income

$-597,910

$-214,299

Summary Balance Sheet

FY 2021 FY 2020

Cash

$240,507

$10,006

Accounts Receivable

$6,700

$7,467

Total Assets

$659,846

$262,013

Short-Term Debt

$553,280

$378,653

Long-Term Debt

$325,860

$330,712

Total Liabilities

$879,140

$709,365

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Company Funding & Growth

Funding history

Total Prior Capital Raised
$1,881,705
VC Backed?
Yes
Close Date Platform Valuation Total Raised Security Type Status Reg Type
04/30/2023 Wefunder $15,000,000 $129,738 SAFE Funded RegCF
11/18/2022 Republic $15,000,000 $170,640 SAFE Funded RegCF
01/31/2021 Republic $8,000,000 $714,877 SAFE Funded RegCF
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Growth Charts

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.

Valuation History

Employee History

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Add to portfolio
Upshift on Wefunder 2022
Platform: Wefunder
Security Type: SAFE
Valuation: $15,000,000

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