Boomerang Bike
Your Bike is Freedom Don't Lose it.
Sunnyvale, CA
Technology
The Boomerang CycloTrac is a GPS bike security system based on IoT technology to prevent bike theft.
$40,025
raised
74
Investors
$15.8M
Valuation
$0.33
Price per Share
$199.65
Min. Investment
Common
Shares Offered
Equity
Offering Type
$1.07M
Offering Max
0
Days Left
This offering ended on May 01, 2022 and is no longer accepting investments.
Reasons to Invest
The Macro Trends are positive: Our largest bike segment, e-bike, grew 145% from 2019 to 2020. Roughly 500,000 e-bikes were sold in 2020.
Customers are with us for the long run: We have 3000 loyal customers who support our solution and pay us a monthly subscription.
A team you can trust: We have a solid team and experienced investors including Netgear.
OVERVIEW
Your Bike is Freedom. Never Lose it.
Boomerang was founded by a group of avid cyclists. Our mission to develop a line of bike theft protection products brought forth the Boomerang CycloTrac. The device is a portable tracker which uses a motion-sensing alarm and GPS technology to keep your bike safe, no matter where you travel.
We are in the production stage but pre-ramp. We have had revenue of $104,000 in 2019, $192, 000 in 2020 and $133, 000 YTD 2021. We are optimizing all areas of the company before we ramp to high volume. Our 3,000 customers growing to 5,000 before the year end give us a large user base and a lot of data to understand where we need to optimize before scaling.
THE PROBLEM
Bike Theft is Common in Cities Around the World
Bike theft plagues every city. While 15 to 20 million adult bikes are sold each year in the United States, several million bikes are stolen annually.
THE SOLUTION
Double Down On Your Bike Protection
Boomerang’s solution is the Cyclotrac V2, a bike Alarm and GPS tracker that attaches to your bike. The device includes a built-in alarm system and runs on Cloud based Software through an App. The GPS tracker can attach to your bike in multiple ways, but the most common attachment is under the water bottle cage.
When our customer leaves their bike at the coffee shop or store, they arm the alarm with the app. If anyone touches the bike, they are greeted with an audible alarm and the bike owner receives a text message and phone notification.
Our technology requires a cellular data plan. Our customers pay us $3.90 per month and we pay the carriers. We make roughly 20% of margin on the hardware and 92% of margin on the data plan.
THE MARKET
A Million Dollar Opportunity: Disrupting the Bike Theft Industry
The bike market is growing daily. E-bikes are also on the rise, with a projected 130 million e-bikes to be sold globally between 2020 and 2023. Despite the number of bikes being sold, we believe there are few companies targeting bike theft and we are the only company with an audible alarm system.As far as we know, Boomerang provides a solution other competitors do not.
OUR TRACTION
An 80% Customer Satisfaction Rate
As of August 2021, we have 3,000 customers paying us $3.90 each month. By December of 2021, we project reaching 5,000 customers.
We received an 80% satisfaction rating in a recent survey with customers. We are confident in our next firmware and app release and anticipate that we can achieve an 85% to 90% satisfaction rating.
WHY INVEST
Reduce Bike Theft With a Million Dollar Company
In 3 years, our goal is to have greatly reduced bike theft in cities and gained half a million customers. The lead investors are Netgear (NASDAQ NTGR) and Dr. Ronjon Nag R42 Group.
Offering Summary
Company | : | Boomerang Bike Corporation |
Corporate Address | : | 440 N. Wolfe Rd, Sunnyvale, CA 94085 |
Offering Minimum | : | $9,999.99 |
Offering Maximum | : | $1,069,999.59 |
Minimum Investment Amount(per investor) | : | $199.65 |
Terms
Offering Type | : | Equity |
Security Name | : | Common Stock |
Minimum Number of Shares Offered | : | 30,303 |
Maximum Number of Shares Offered | : | 3,242,423 |
Price per Share | : | $0.33 |
Pre-Money Valuation | : | $15,782,385.63 |
Voting Rights of Securities Sold in this Offering
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.
*Maximum Number of Shares Offered subject to adjustment for bonus shares. See Bonus info below.
Investment Incentives and Bonuses*
Time-Based:
Friends and Family Early Birds
Invest within the first 72 hours and receive additional 15% bonus shares
Super Early Bird Bonus
Invest within the first week] and receive additional 10% bonus shares
Early Bird Bonus
Invest within the first two weeks and receive an additional 5% bonus shares
Amount-Based:
$500+ Perk
Invest and receive 50% Product Discount
$1,000+ Perk
Invest and receive Free Boomerang Cyclotrac including one year of data.
$2,500+ Perk
Invest and receive additional 10% bonus shares
$5,000+ Perk
Invest and receive additional 15% bonus shares
$10,000+ Perk
Invest and receive additional 20% bonus shares
*All perks occur when the offering is completed.
The 10% StartEngine Owners' Bonus
Boomerang 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 $0.33 / share, you will receive 110 Common Stock, meaning you'll own 110 shares for $33. 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 investors 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 cancelled or fail.
Investors will only receive a single bonus, which will be the highest bonus rate they are eligible for.
Irregular Use of Proceeds
We will not incur any irregular use of proceeds.
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Most recent fiscal year-end:
Prior fiscal year-end:
Total Assets
$258,910.00
USD
$157,874.00
USD
Cash And Cash Equivalents
$6,307.00
USD
$72,451.00
USD
Accounts Receivable
$0.00
USD
$2,204.00
USD
Short Term Debt
$392,876.00
USD
$323,097.00
USD
Long Term Debt
$52,974.00
USD
$2,204,358.00
USD
Revenues And Sales
$192,161.00
USD
$104,305.00
USD
Costs Of Goods Sold
$234,652.00
USD
$59,027.00
USD
Taxes Paid
$4,123.00
USD
$0.00
USD
Net Income
-$482,826.00
USD
-$700,038.00
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
Notice of Material Change in Offering
3 months ago[The following is an automated notice from the StartEngine team].
Hello! Recently, a change was made to the Boomerang Bike offering. Here's an excerpt describing the specifics of the change:
Issuer extended their campaign to 4/30/2022.
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.
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