The Boaz Bikes offering is now closed and is no longer accepting investments.

Boaz Bikes

A Safer Micro-Mobility Solution

Boaz Bikes

A Safer Micro-Mobility Solution

Detroit, MI
Technology
Transportation
Boaz Bikes is a Black-owned and Woman-owned micro-mobility company with a strong focus on community. As the first mover in the sit-down shared scooter market, Boaz has developed a safer and more cost-efficient way to move people around while helping solve the first and last mile problem.

$195,641

raised
$1,216,270
previously crowdfunded
287
Investors
$50M
Valuation
$5.00
Price per Share
$250.00
Min. Investment
Common
Shares Offered
Equity
Offering Type
$3.78M
Offering Max
0
Days Left

$195,641

raised
$1,216,270
previously crowdfunded
287
Investors
$50M
Valuation
$5.00
Price per Share
$250.00
Min. Investment
Common
Shares Offered
Equity
Offering Type
$3.78M
Offering Max
0
Days Left
This offering ended on July 29, 2022 and is no longer accepting investments.

Reasons to Invest

In the summer of 2021, our revenue per ride passed that of Bird & Lime by a multiple of 2.5x. By EOY, our year-over-year revenue grew 319%.
Sit-down scooters are significantly safer (6.3x*) and more cost efficient (2.9x**) than stand-up scooters. Boaz has had zero reported accidents for 100,000 rides.
Boaz is Black-founded, Black-owned, and Woman-owned; the company is committed to changing transportation and elevating community through generational wealth.

*when comparing Boaz internal data to information provided by Austin Public Health (source)

**when compared to OJO Scooter's 2019 model

- - -

This offering is insured by the TigerMark Insurance policy. TigerMark insurance allows investors to get investments returned under qualifying circumstances. Learn more here.

Safe and Equitable Transportation Options For All

In 2018, Boaz founder Emil Nnani saw someone tumble off a stand-up scooter. It prompted a lightbulb moment—why not create something safer? 


Emil soon learned how dangerous stand-up, motorized scooters can be. He reached out to his design team and made the first prototype for a sit-down scooter with a low center of gravity. And thus, Boaz Bikes was born—making it one of the very first players in the sit-down shared scooter market.



But Boaz isn’t just about putting scooters on the road. Emil has devoted the last five years to solving the first and last mile transportation problem in the US. As a Black-owned company, Boaz is focused on offering safe, reliable, and affordable rides to local communities currently being overlooked. By operating from the ground up and employing full-time staff rather than contractors, we’re focused on creating safe and equitable transportation options for all. We believe that we’re the only scooter company on a national level that is owned by and created for the people.  

The Problem


Price Hikes, Safety Issues, and Zoning Limits

There’s a glaring lack of safety and equity in current micro-mobility options. Stand-up e-scooters, which have become increasingly common in major cities, are highly unsafe and widely misused. These scooters can reach up to 20mph and most passengers fail to wear helmets or ride in the correct lane. This results in thousands of injuries each month. Scooters often end up damaged, yet it’s logistically impossible for a fleet to be inspected on a daily - or even weekly - basis.



Beyond the question of safety, cost and access remain two prominent issues.


(source)


These price increases and geographical limitations end up hurting the users who need affordable transport access the most.

The Solution


Thoughtfully-designed, Community-first Scooters

Boaz is revolutionizing micro-mobility across the US with what we believe is the safest and most durable scooter on the market. Our sit-down e-scooters are a one-stop-shop for safe, reliable, affordable rides for city residents, including those currently being overlooked. 


The scooter seat creates greater stability with a lower center of gravity, while the wide foot deck, turn signals, and side mirrors provide additional safety measures. The scooter also features bigger tires than a stand-up scooter, a basket for hands-free riding, and a foldable neck that allows more efficient vehicle transport between locations.



Boaz scooters are available for rent through a dockless system; rides are charged by the minute and managed through our app. Our average revenue per ride is $9, and our average daily revenue per vehicle is $18.90. 


The Boaz team goes into each of our cities to hire locally, with staff coming on as employees rather than contractors. This contributes to our community focus and long-term relationship-building; by being more meaningfully integrated in each city, we can better serve each community. In doing so, our vehicles are more likely to be treated with greater care and respect, extending their life and usage. 


We are currently operating in five cities - Plano (TX), Detroit (MI), Tempe (AZ), Dallas (TX), and Scottsdale (AZ) - where we partner with people in each city and neighborhood to identify pain points and offer informed transport solutions. We have also secured approval & plan to launch in Los Angeles (CA) & Austin (TX) this summer!


The Market


Capturing New Market Share in a Booming Industry

The Electric Scooter Market is expected to reach over $677B by 2028, growing at a CAGR of 30.3% from 2021 to 2028 (source). By volume, this market is expected to reach 238 million units by 2028. 


We believe Boaz is the first entrant in the sit-down shared e-scooter market; over the next four years, the total addressable market is $10B, while we believe the serviceable available market is $2B. As Boaz expands, we’re looking at major markets still not being served by shared scooters, which includes 285 U.S. cities with populations over 100,000 and over 600 cities with populations over 50,000.


*based on internal research done by Boaz Bikes


Our competitors are the major stand-up shared e-scooter companies Bird, Lime, and Spin—but we’re already setting ourselves above and apart. Our sit-down scooters are 6.3x safer than stand-up e-scooters, with zero reported accidents in over 100,000 rides versus 19 for every 100,000 rides with stand-up scooters. Our scooters are 4.1x more cost efficient, last 4.5x longer, cost 2x less, and are paid off 7x faster (in just 47 days). 


Boaz scooters will also penetrate cities and neighborhoods that currently lack service from any of our competitors, reaching new users and creating strong customer loyalty.


*when comparing Boaz internal data to information provided by Austin Public Health (source)

**when compared to OJO Scooter's 2019 model

Our Traction


Steady Increases in Annual Revenue and Entry Into New Markets

2021 was the best year yet for Boaz, finishing with $548k in annual revenue. We increased the size of our Detroit fleet by 400% in May 2021, and we’re now poised to launch in four new cities. Looking ahead to the end of 2022, we’re planning to significantly expand our efforts and grow into over 20 additional markets. And we’ve done all this while seeing zero reported accidents in over 100,000 rides.


*Information surveyed comprised of data up to June of 2021


Boaz currently has a patent pending on our new Model 3 vehicle, which will help us further compete against the bigger, more funded players in the space. We’ve also developed updated, real-time software that will allow us to shift vehicles throughout the day to more optimal locations. 


Our MAAS (“Mobility As A Service”) platform recently launched, starting officially with our partnership with JoyPunks, a local scooter operator out of Indiana. In exchange for a small percentage of monthly revenue, Boaz will work closely with this developing network of smaller operators to offer strategies, supply access to discounted vehicles, parts, and a reliable platform to operate their business on, and provide perks for their customers.


We’re also working on several new pilots that inform our future strategy. Funds from this raise will help send new vehicles into production and roll them out in early 2022.

Why Invest


Pioneering the Next Generation of Micro-Mobility

Boaz is investing in community access and safety. We want to eradicate the transit deserts in city neighborhoods, and reduce the cost and risk involved in helping people of all backgrounds get to where they need to go. 


We’re ready to be an industry champion for years to come. We hope that you’ll join us as we work to pioneer the next generation of scooters and solve pain points too long overlooked by existing companies.


Offering Summary


Company

:

Boaz Bikes, Inc

Corporate Address

:

7600 Chrysler Dr. Unit 101, Detroit, MI 48211

Offering Minimum

:

$10,000.00

Offering Maximum

:

$3,783,715.00

Minimum Investment Amount

(per investor)

:

$250.00











Terms


Offering Type

:

Equity

Security Name

:

Common Stock

Minimum Number of Shares Offered

:

2,000

Maximum Number of Shares Offered

:

756,743

Price per Share

:

$5.00

Pre-Money Valuation

:

$50,000,000.00











*Maximum Number of Shares Offered subject to adjustment for bonus shares. See Bonus info below.

Voting Rights of Securities Sold in this Offering

Voting Proxy. Each Subscriber shall appoint the Chief Executive Officer of the Company (the “CEO”), or his or her successor, as the Subscriber’s true and lawful proxy and attorney, with the power to act alone and with full power of substitution, to, consistent with this instrument and on behalf of the Subscriber, (i) vote all Securities, (ii) give and receive notices and communications, (iii) execute any instrument or document that the CEO determines is necessary or appropriate in the exercise of its authority under this instrument, and (iv) take all actions necessary or appropriate in the judgment of the CEO for the accomplishment of the foregoing. The proxy and power granted by the Subscriber pursuant to this Section are coupled with an interest. Such proxy and power will be irrevocable. The proxy and power, so long as the Subscriber is an individual, will survive the death, incompetency and disability of the Subscriber and, so long as the Subscriber is an entity, will survive the merger or reorganization of the Subscriber or any other entity holding the Securities. However, the Proxy will terminate upon the closing of a firm-commitment underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933 covering the offer and sale of Common Stock or the effectiveness of a registration statement under the Securities Exchange Act of 1934 covering the Common Stock.

Investment Incentives and Bonuses*

Time Based:

Friends and Family Early Birds

Invest within the first 72 hours and receive 25% Bonus Shares.

Super Early Bird Bonus

Invest within the first week and receive 15% Bonus Shares.

Early Bird Bonus

Invest within the first two weeks and receive 10% Bonus Shares.

First Month Early Bird Bonus

Invest within the first month and receive 5% Bonus Shares.

 

Amount Based:

Tier 1 | $500

Invest $500 and receive a free "investing is the new normal" T-Shirt.

Tier 2 | $1,000

Invest $1,000 and receive Tier 1+ a $100 credit off future rides.

Tier 3 | $2,000

Invest $2,000 and receive Tier 2 + your name in credits on our "thank you page".

Tier 4 | $5,000

Invest $5,000 and receive Tier 3 + free rides all year.

Tier 5 | $10,000

Invest $10,000 and receive Tier 4 + virtual meet and greet with the entire team & tour of our facility.

Tier 6 | $20,000

Invest $20,000 and receive Tier 4 + a free scooter.

*All perks occur when the offering is completed.

The 10% StartEngine Owners' Bonus

Boaz Bikes will offer 10% additional bonus shares for all investments that are committed by investors that are eligible for the StartEngine Crowdfunding Inc. OWNer's bonus.

This means eligible StartEngine shareholders will receive a 10% bonus for any shares they purchase in this offering. For example, if you buy 100 shares of Common Stock at $5.00 / share, you will receive 110 shares of Common Stock, meaning you'll own 110 shares for $500. Fractional shares will not be distributed and share bonuses will be determined by rounding down to the nearest whole share.

This 10% Bonus is only valid during the investor's eligibility period. Investors eligible for this bonus will also have priority if they are on a waitlist to invest and the company surpasses its maximum funding goal. They will have the first opportunity to invest should room in the offering become available if prior investments are canceled or fail.

Investors will only receive a single bonus, which will be the highest bonus rate they are eligible for.

Insider Investment Notice

Officers, directors, executives, and existing owners with a controlling stake in the company (or their immediate family members) may make investments in this offering. Any such investments will be included in the raised amount reflected on the campaign page.

The Company will not incur any irregular use of proceeds.


Show More
Most recent fiscal year-end:
Prior fiscal year-end:
Total Assets
$798,455.00 USD
$309,911.00 USD
Cash And Cash Equivalents
$106,767.00 USD
$24,899.00 USD
Accounts Receivable
$0.00 USD
$0.00 USD
Short Term Debt
$0.00 USD
$0.00 USD
Long Term Debt
$673,367.00 USD
$424,229.00 USD
Revenues And Sales
$576,970.00 USD
$130,979.00 USD
Costs Of Goods Sold
$223,799.00 USD
$30,672.00 USD
Taxes Paid
$761.00 USD
$0.00 USD
Net Income
$97,031.00 USD
-$32,245.00 USD

Risks

A crowdfunding investment involves risk. You should not invest any funds in this offering unless you can afford to lose your entire investment. In making an investment decision, investors must rely on their own examination of the issuer and the terms of the offering, including the merits and risks involved. These securities have not been recommended or approved by any federal or state securities commission or regulatory authority. Furthermore, these authorities have not passed upon the accuracy or adequacy of this document. The U.S. Securities and Exchange Commission does not pass upon the merits of any securities offered or the terms of the offering, nor does it pass upon the accuracy or completeness of any offering document or literature. These securities are offered under an exemption from registration; however, the U.S. Securities and Exchange Commission has not made an independent determination that these securities are exempt from registration.


Updates

Last Call to Invest in Boaz Bikes 🔥

2 months ago

Time to invest is running out!

2 months ago

Listen, friends. Boaz started because Emil Nnani saw a gnarly e-scooter accident and realized he could bring a safer scooter to market. (And he was right, by the way.) What he didn’t realize at the time was that there is so much more to be changed in this industry, if only we have the guts to stand up and make it happen.

Boaz is focusing on securing licenses in the underserved communities where the bigger companies aren't focused and opening franchises to help build small businesses.

Our proprietary technology allows us to claim market share in underserved communities because more efficient operations allow us to be profitable where the others can't.

These are just two of the ways Boaz is creating more equity in this industry. And it’s just the beginning.

There are only a handful of days left to invest in Boaz Bikes. Don't miss your chance.

Our unit economics are among the best in the industry!

3 months ago

A Boaz Bike is fundamentally different then any other e-scooter out there. Our vehicles were designed with safety in mind, and the hard truth is: the other guys can’t redesign and replace their entire fleets to keep up with our progress. 

Did you know that we were using replaceable batteries before it was the cool thing to do in the industry? 

Did you know that we were one of the first sit-down scooters in the market and our vehicles cost 2x less to produce than our competitors? (And we pay them off 7x faster than they can pay off theirs!) 

There is a reason we’re taking the e-scooter market by storm…. We’re doing things differently than the big dogs, and we always will.

An update from our CEO...

3 months ago

Hey fam, here's a little update from our CEO!



The big dogs are leaving communities like this....

3 months ago

We are proud to share that Boaz is one of only 4 e-scooter operators on the streets of Tempe, Arizona. 


Our focus on safety and proprietary operations tech allows us to be profitable in markets like these where our competitors cannot. (Lime left Tempe in February!) 


We’re going to keep moving to bring safer micro-mobility solutions to communities like Tempe. Are you with us?

194% increase in revenue this year to date!

3 months ago

Boaz Bikes has seen a 194% increase in revenue this year to date in the Detroit market alone. That’s wild. Our model of safer scooters, enlightened operations, and better technology makes all the difference—and the numbers prove it. With over 100,000 rides under our belts, we’re ready to take this model to more markets and see our numbers grow. Are you with us?

Safer vehicles are the future of micromobility!

3 months ago

Did you know that many cities won’t even let e-scooters on their streets? STILL?! The hard truth is that the many, many accidents our industry has seen from stand-up scooters over the years has them running scared. We don’t blame them—but it’s a shame. 

We need micromobility solutions to help solve the first and last mile problems we face in the USA—but that won’t happen until there are safer alternatives for cities to choose from. That’s where Boaz Bikes comes in! We have the solution those cities are looking for.


Boaz Bikes is Officially Cashflow Positive!

4 months ago


Hey Team Boaz, we just wanted to pop in to let you know that we've hit a truly big milestone for a micromobility company. Just a few short years into our operations, we are cashflow positive. That's huge, and we are on trach to exceed $1.5M in revenue this year with only our current markets. (And we're in talks to add more!) 


Congrats to the dream team making it happen!

Heidelberg Project Welcomes Back Boaz Bikes!

4 months ago

Creating meaningful and lasting partnerships with the community is essential to the growth and success of Boaz. We’re thrilled to have been welcomed back to the Heidelberg Project in Detroit this year! Our scooters provide a safer, more exciting way to move from each of their locations to the other. It’s partnerships like this that make Boaz the top choice in underserved communities.

Notice of Material Change in Offering

4 months ago

[The following is an automated notice from the StartEngine team].

Hello! Recently, a change was made to the Boaz Bikes offering. Here's an excerpt describing the specifics of the change:


Issuer is extending campaign end date.


When live offerings undergo changes like these on StartEngine, the SEC requires that certain investments be reconfirmed. If your investment requires reconfirmation, you will be contacted by StartEngine via email with further instructions.

Boaz Takes AZ by Storm

4 months ago

Ahhhh, beautiful, sunny Scottsdale! This location is a must-see with its warm weather and stellar nightlife. And it’s a great place to live and work, too! Boaz is now serving Scottsdale. We’ve got some other warm-weather destinations in the pipeline for 2022. Can you guess which ones are next?

Help us cross the $200K mark!! 📈

4 months ago

OVER 300% YEAR OVER YEAR GROWTH 😱

Our Month to Date for May 2022 has already crossed $70,000 in rentals revenue. This is more than what we did in 2021, and we still have 10 more days to go!! #LetsGooooo #TeamBoaz


Crowdfund is at $175K, help us cross the $200K milestone. Our growth in 2022 has been amazing 📈 and we are just getting started!! Share this investment with friends and family, and tell them to join the movement! #TeamBoaz #KeepGrowing 



Happy Birthday to our CEO

5 months ago

If you haven't had the pleasure of meeting our CEO and founder of Boaz Bikes, allow us to introduce you to him. Emil Nnani is one of the hardest working people on the planet. He's a serial Entrepreneur (created over 20 companies starting at the age of 14) who made his first million in sales at the age of 22. He started a retail company with $500, and in less than 4 years grew it to over $2M in annual revenue. He's a Believer, Father, and Husband. Behind closed doors we call him the idea generator. He's humble and loves what he does. From the entire Boaz team, we love you, and wish you a Happy Birthday!


5 new updates you should know about

5 months ago

Update!!!! 

1) Next month we will be going over our funding pitch LIVE via a zoom call so that all of our investors can hear our pitch & ask questions.
2) we’ve extended the public crowdfund to June 28th (invest now) because time is not on our side! 
3) over the next 3 weeks we are applying for 6 new city permits, with the plans to deploy vehicles in August this year.
4) Over the next couple weeks we will be at full capacity in Detroit, Michigan. This summer the streets will rain Boaz! 🌧
5) if you haven’t done so please request to join our private Facebook group “search Boaz Investors” must be a current investor from Wefunder or StartEngine! 




Notice of Material Change in Offering

5 months ago

[The following is an automated notice from the StartEngine team].

Hello! Recently, a change was made to the Boaz Bikes offering. Here's an excerpt describing the specifics of the change:


Campaign is extending their end date by 60 days and updating their offering with 2020/2021 financials


When live offerings undergo changes like these on StartEngine, the SEC requires that certain investments be reconfirmed. If your investment requires reconfirmation, you will be contacted by StartEngine via email with further instructions.

Join our Facebook Group

7 months ago

If you're one of the 4000+ investors that have invested into Boaz Bikes please join our private facebook group! Our investors will play a crucial role in our expansion, trying of new products and more. Search "Boaz Investors" on facebook to join! #TOGETHERWEWIN Join Here





$130K raised in our first week! 🎉

7 months ago

#KeepPushing #KeepRolling 

Show More Updates End of Updates

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