The Drivers Cooperative
A ridehailing platform owned by workers, not billionaire founders and venture capital
Overview
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
$100
Security Type
Revenue Share
Series
Seed
SEC Filing Type
RegCF
Return Multiple
2.00X
Rev. Share %
2.00%
Rolling Commitments ($USD)
Status
Funded
Reporting Date
03/30/2024
Days Remaining
Funded
% of Min. Goal
Funded
% of Max. Goal
Funded
Likelihood of Max
Funded
Avg. Daily Raise
$13,749
# of Investors
1,252
Momentum
Funded
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Year Founded
2020
Industry
Business Services, Software, & Applications
Tech Sector
MarketplaceTech
Distribution Model
B2B2C
Margin
Medium
Capital Intensity
Low
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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