About this raise: 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.
Investment Overview
Invested : $922,151
Deal Terms
Total Commitments ($USD)
- Platform
- StartEngine
- Start Date
- 03/29/2021
- Close Date
- 04/19/2022
$10,000
$1,070,000
$299
Equity - Common
Seed
RegCF
$0.64
$7,540,000
Company & Team
Company
- Year Founded
- 2016
- Industry
- Transportation, Automotive, Aviation, & Aerospace
- Tech Sector
- Distribution Model
- B2B/B2C
- Margin
- Medium
- Capital Intensity
- Low
Financials
-
Revenue
- $107,664
- Monthly Burn
- $10,907
-
Runway
- 5.9 months
- Gross Margin
- 50%
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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.
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Price per Share History
Note: Share prices shown in earlier rounds may not be indicative of any stock splits.