Veer
Early Stage
Bomb-proof carbon belt drivetrains
Overview
Raised: $922,151
Total Commitments ($USD)
Platform
StartEngine
Start Date
03/29/2021
Close Date
04/19/2022
Min. Goal
$10,000
Max. Goal
$1,070,000
Min. Investment
$299
Security Type
Equity - Common
Series
Seed
SEC Filing Type
RegCF
Price Per Share
$0.64
Pre-Money Valuation
$7,540,000
Rolling Commitments ($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
$2,389
# of Investors
923
Momentum
Funded
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Year Founded
2016
Industry
Transportation, Automotive, Aviation, & Aerospace
Tech Sector
Hardwaretech
Distribution Model
B2B/B2C
Margin
Medium
Capital Intensity
Low
Veer, with a pre-money valuation of $7.5 million, is raising crowdfunding on StartEngine. The company makes bomb-proof carbon belt drivetrains that replace the traditional chain drives for light electric vehicles. The carbon fiber belt, The Split Belt, boosts durability, range, performance, and affordability of bicycles. Sean Hacking founded Veer in July 2016. The current crowdfunding raise of the company has a minimum goal of $10,000 and a maximum goal of $1,070,000. The raise proceeds will be used to expand the operations in North America, Europe, Asia, and Australia. Veer is expanding into a large, growing market and reported sales of over $100,000 in 2020.
Summary Profit and Loss Statement
| Most Recent Year | Prior Year | |
|---|---|---|
|
Revenue |
$107,664 |
$33,665 |
|
COGS |
$54,045 |
$9,678 |
|
Tax |
$0 |
$0 |
| ||
| ||
|
Net Income |
$-130,884 |
$-136,613 |
Summary Balance Sheet
| Most Recent Year | Prior Year | |
|---|---|---|
|
Cash |
$64,234 |
$3,552 |
|
Accounts Receivable |
$0 |
$0 |
|
Total Assets |
$103,625 |
$40,056 |
|
Short-Term Debt |
$20,173 |
$10,153 |
|
Long-Term Debt |
$124,433 |
$0 |
|
Total Liabilities |
$144,606 |
$10,153 |
Financials as of: 03/29/2021
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