Veer is raising funds on StartEngine at a valuation of $15.04 million. While Veer has shown good growth, especially in the light electric vehicle market, the valuation might be considered high given the company's current revenue and stage of development. Veer generated over $523,000 in sales in 2022. With a revenue multiple of 28.78, the valuation seems inflated compared to the company's current revenue.

The global light electric vehicles (LEVs) market, which is the addressable market for Veer, is growing rapidly due to rising demand for sustainable and low-emission transportation options, advancements in battery technology, and increasing government incentives for purchasing electric vehicles. This market includes electric bicycles, scooters, motorcycles, and other similar forms of transportation. These vehicles are typically smaller and lighter than traditional automobiles and are powered by electric motors and rechargeable batteries.

The global LEVs market is anticipated to grow significantly in the coming years. This growth is driven by increasing concerns about air pollution and climate change, encouraging consumers and governments to embrace electric vehicles to reduce greenhouse gas emissions and improve air quality. This trend is further propelled by government incentives, such as tax incentives, rebates, and subsidies, which steadily increase the affordability and adoption of electric vehicles.

Veer is led by its founder and CTO, Sean Hacking. Hacking has worked on Veer for over seven years and is a first-time founder. He has a background in bioengineering. 

Veer's team is very small, with only four employees, and none of them has any experience in the lightweight electric vehicle industry except for Kelly Burr, the new CEO. Most importantly, Veer misses a mechanical engineer on the team. Sean Hacking doesn't have the right training to ensure continuous innovation in the company.

Veer offers bomb-proof carbon belt drivetrains that replace traditional chain drives. The company's carbon fiber belt, known as The Split Belt, enhances the durability, range, performance, and affordability of bicycles.

One of Veer's key differentiators is its high-quality carbon fiber drivetrains, designed to modernize light electric vehicles and cater to the evolving urban transportation landscape. The company has also established itself as a leader in the market by securing multiple patents for its innovative drivetrain technology. These patents create a barrier to entry for potential competitors, further differentiating Veer from the competition.

Veer has demonstrated strong performance and growth in the light electric vehicle market. In 2022, the company generated over $523,000 in sales. This growth can be attributed to the company's innovative product offerings and solutions.

Veer's success is further evident in its recent equity crowdfunding campaign, which raised over $914,000 from 921 investors. These funds have been instrumental in expanding the company's product lines, growing the sales team, and investing in production cost reduction.

The company has also made notable progress in developing partnerships and acquiring new customers. Since its last fundraising round in 2022, Veer has secured eight new vehicle manufacturers as customers. This expansion of its customer base demonstrates the growing demand for Veer's carbon fiber belt drivetrains in the light electric vehicle market.

Veer has several risks that potential investors should consider.

One of the main risks is the competitive landscape. Veer operates in a slightly competitive market with direct competitors such as Stacyc, KMC, TAYA, YBN, and Shimano. This competition could pose challenges for Veer regarding market share and differentiation.

Additionally, Veer's long sales cycle could impact its revenue growth. This means it may take a significant amount of time to convert leads into actual sales, which could affect the company's financial performance.

 Lastly, Veer's valuation appears to be on the higher side, which suggests that the company may be overvalued compared to its financial performance and market position. Investors should carefully evaluate these risks and consider them before making an investment decision.

Veer's flagship product, The Split Belt, offers a bomb-proof alternative to traditional chain drives, improving durability, range, performance, and bicycle affordability. With a strong focus on sustainability and environmental impact, Veer is well-positioned to capitalize on the growing demand for electric transportation solutions.

Veer has an excellent early revenue as it generated $523,000 in sales in 2022. With the global market for light electric vehicles expanding rapidly, Veer has a significant addressable market to tap into.

Furthermore, Veer has established partnerships and collaborations that enhance its growth prospects. The company's participation in the San Diego Sports Accelerator provides valuable support and resources to fuel its expansion. These partnerships not only provide access to new markets but also validate the market potential and value proposition of Veer's products.

Veer operates in a slightly competitive landscape, with competitors such as Stacyc, KMC, TAYA, YBN, and Shimano. Veer could face challenges in standing out from its competitors.

Although Veer generated $523,000 in sales in 2022, its valuation of $15.04 million seems inflated. Veer's valuation-to-revenue ratio stands at approximately 28.8x, which is relatively high for a company in the early stage of development. Investors should carefully consider whether the potential upside justifies the current valuation.

Furthermore, Veer reported a net loss of $435,438 in the most recent fiscal year. While it is not unusual for early-stage companies to operate at a loss as they invest in growth and product development, investors should be cautious about the company's ability to achieve profitability in the near future. Veer's monthly burn rate of $36,286.50 further highlights the ongoing cash outflow and the need for continuous funding.

Veer designs carbon fiber drivetrains to replace traditional chain drives for light electric vehicles (LEVs). The company's flagship product, The Split Belt, is a carbon fiber belt that significantly enhances the durability, range, performance, and affordability of bicycles. Veer's innovative approach to drivetrain technology aligns with the growing trend toward sustainable and low-emission transportation options. The global LEVs market, which includes electric bikes, scooters, and motorcycles, continues to expand due to advancements in battery technology and the availability of government incentives for purchasing electric vehicles.

In 2022, Veer generated over $523,000 in sales. The company has also successfully raised over $914K from 921 investors in its previous equity crowdfunding campaign. This funding has enabled Veer to expand its product lines, grow its sales team, and invest in reducing production costs. Notably, since its last funding round in 2022, Veer has acquired eight new vehicle manufacturers as customers, doubled its sales team, and developed more products.

Despite these achievements, Veer is still in the pre-profit phase and reported a net income of -$435,438 for the most recent fiscal year. The company's monthly burn rate is $36,286.50, which appears to be overvalued with a pre-money valuation of $15.04 million.