The ElliptiGO offering is now closed and is no longer accepting investments.


The world’s leading elliptical cycling brand

Regulation Crowdfunding
Accepting International Investment
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The Next Step In Cycling and Fitness

Invest in ElliptiGO

We started ElliptiGO to solve a problem – how to enable people to get the benefits of running without suffering from the impact. This was a very personal problem for our co-founders who were both Ironman triathletes with a shared love of running. Unfortunately for one of them, that love of running led to overuse injuries that forced him to give up the sport. Frustrated that there wasn’t a low-impact, outdoor, running-like device he could buy, the pair decided to try to solve the problem themselves. Over the next five years, they developed and tested several generations of prototypes, founded our company and launched the elliptical bicycle category in 2010.

From these humble beginnings we have grown into a 22-person company that has generated more than $30 million in revenue since 2010. There are now more than 19,000 ElliptiGO bikes on the road in over 50 countries. ElliptiGO riders are diverse, ranging from professional and Olympic athletes using it to improve their performance to recreational riders looking to lose weight or stay in shape.

We believe that we’re on to something that could become a large sports and fitness category. If you own an ElliptiGO, then we’re pretty confident that you believe that too. We had a great 2016 and set new records in revenues and unit sales for our company. As we enter 2017, we believe we are poised for another record year in terms of revenue and units, and we can foresee significant growth in 2018 and beyond. To support this growth, we need to continue to invest in marketing initiatives and fund inventory. We need additional capital to do that. We are excited about the future of our company and we hope you’ll join our investor team to help us grow EllitpiGO and the sport of elliptical cycling around the world.

The Market Opportunity We See

We believe that there is a very large business opportunity for an outdoor recreation and exercise device that delivers the benefits of the indoor elliptical trainer while providing the utility and enjoyment of a conventional bicycle. Introduced in 1995, the indoor elliptical trainer was the fastest growing fitness equipment segment for more than a decade and is now one of the most popular forms of exercise in the world. In 2015, more than 28 million Americans used an elliptical trainer and sales of elliptical trainers exceeded $1.2 billion in the U.S. alone. Although the elliptical trainer dominates the fitness landscape, it has one major limitation: it is a stationary piece of equipment. We believe this constrains its utility and its popularity. 

Running and cycling are also popular forms of exercise and share some similarities with the elliptical trainer. However, both running and cycling can be done outside as well as on indoor equipment, and the data reveals that people prefer the outdoor version of each activity. In 2015, approximately 30 million runners ran on treadmills (~$1.2 billion sales) and 48 million (60% more) ran outdoors. That year approximately 36 million American adults used upright stationary bikes (~$500 million sales) and 38 million (5% more) rode a bike outdoors (~$2.2 billion sales). 

Our business thesis is if we can create an outdoor device that delivers similar benefits as the indoor elliptical trainer and performs similarly to a conventional road bike, then we should see a similar kind of adoption for this “elliptical bicycle” as we did for the elliptical trainer, only on a larger scale because of the relative sizes of the indoor and outdoor industries. If we are correct, then a fully-developed outdoor elliptical bicycle market in the US could attract between 30 million and 40 million participants and generate annual revenues of $1-2 billion. Globally, if we’re right, the industry could enjoy annual revenues of $3-5 billion.

Our company is built on this thesis and we believe in it wholeheartedly because we have seen categories like this develop in society consistently throughout the past several decades. The 1980s saw the mountain bike boom. In the 1990s snowboarding exploded onto the scene. In the 2000s the elliptical trainer took over the cardio fitness landscape. More recently, stand-up paddleboards (SUPs) have become hugely popular. We believe that the elliptical bike category is well-positioned to become the next “it” product for recreation and fitness. If that happens, we believe that ElliptiGO’s brand position and intellectual property should enable it to extract a significant amount of value from the growth of the industry.

We Have Substantial Expansion Opportunities

So far we have only focused on one slice of the elliptical cycling market – adult bikes for on-road use. We believe there are opportunities for kids’ products, off-road versions, electric elliptical bikes and bikes designed specifically for commuters. Within the on-road adult elliptical bike segment, we initially focused on bikes designed for runners because it was a market that we believed could best support the high price point for our initial products. Now that we have moved down in price point with the Arc model, we are able to target fitness enthusiasts more broadly. We believe this has expanded our addressable market significantly. As we continue to reduce price, we intend to continue to expand our addressable market for our road products to more recreational users. Over time, we also intend to expand our offerings into the other categories mentioned above. 

What We Have Accomplished So Far

Sales Performance

As discussed above, we have sold 19,000 elliptical bikes since 2010 and generated more than $30 million in revenue. More than 250 retail locations in the U.S. sell ElliptiGO bikes and we have distribution agreements with more than a dozen international partners. Until December 2015, all of our products were priced at $1,799 or higher, so we have achieved the majority of this success by selling bikes at price points well above the industry average.

While we are happy with our initial success distributing high-priced products through specialty retailers, we believe our price point is a constraint to sales and that we can dramatically grow our user base at a starting price point between $499 and $999.  About a year ago we made a huge leap forward in affordability by introducing the Arc model at a starting price of $1,299. The Arc has been our best-selling product since then and we expect to introduce at least one Arc model in 2017 at a price point below $1,000. We also intend to launch a custom stationary trainer system that will work with all of our elliptical bike models. We believe this new system will be a significant improvement over the existing trainers available on the market.

19,000 Bikes Sold

Since the creation of elliptical cycling, we've sold 19,000 bikes and have our products for sale at more than 250 retail locations

Riders In 50 Countries

Our customers train all over the world and include dozens of Olympians and professional runners. We have distribution agreements with more than a dozen international partners.

$30 Million In Revenue

We have been successful selling high-priced products through specialty retail and plan to expand our target market by reducing cost.

Authentic Adoption By Key Influencers

Used in training by Meb Keflezighi

2014 Boston Marathon Champion

Used by 50+ College Athletic Programs

Record Revenues from schools in 2016

We have had significant success in attracting influencers within the running industry and there are now more than 100 elite runners who use the ElliptiGO for training, including more than a dozen Olympians. 

The most notable current runner who trains on an ElliptiGO is Meb Keflezighi. Meb won the 2014 Boston Marathon and is the only person who has won an Olympic Medal, the New York City Marathon and the Boston Marathon. Last year Meb participated in his 4th Olympic Games, becoming the second oldest American runner ever to compete in the Olympics. 

Meb continues to train on his ElliptiGO and recently declared that he will be competing in the 2017 Boston Marathon and 2017 New York City Marathon.

The success we have had with professional runners has led to high school and university teams integrating the ElliptiGO into their training regimens. There are now more than 50 universities and 40 high schools that have purchased ElliptiGOs, including some of the most successful programs in the country like Stanford, Michigan, Michigan State, UC Berkeley, Kansas, Kansas State, Miami, Texas A&M, and Virginia. We had record revenues from university and high school sales in 2016 and we expect even better results in 2017.

We've Secured Defensible Intellectual Property

We have been focused on intellectual property since our inception. We currently hold 34 issued patents in seven different countries (18 utility patents and 16 design patents) and have 11 additional patents pending (9 utility and 2 design). We own a number of relevant trademarks and have registered more than 50 Internet URLs related to ElliptiGO and elliptical cycling. The company also holds the exclusive license to patents issued in the U.S. and Taiwan in 2003 to Larry Miller, the inventor of the indoor elliptical trainer. These licensed patents cover the use of the elliptical trainer motion to propel a cycle. 

Notable Press

Why Our Products Are Unique and Valuable

ElliptiGO® Arc

ElliptiGO® 3C

ElliptiGO® 8C

ElliptiGO® 11R

We believe that elliptical bikes have valuable advantages over other forms of exercise, including running, cycling and the indoor elliptical trainer that make them a better fit for a certain group of individuals. Running is one of the most popular forms of exercise, but the activity generates a lot of impact so many people suffer injuries and have to quit. Elliptical biking’s biggest benefit compared to running is its low-impact nature, which eliminates many of these injuries. Cycling is also very popular, but many people decide not to ride a conventional bicycle for exercise because they find the seat and riding position uncomfortable and/or that it takes too much time to get in a workout. Because the elliptical bike rider stands in a natural position while riding, many people find the elliptical bike to be more comfortable than a regular bike. This standing position is also weight bearing and creates more drag, which results in the elliptical bike rider burning more calories when traveling at the same speed as a conventional cyclist, thereby shortening the workout time. Finally, the indoor elliptical trainer is also very popular, but it can only be used in a stationary capacity and therefore almost always indoors. The elliptical bicycle is designed for outdoor use, which many people prefer, and it enables the rider to actually get somewhere and compete in cycling and other events, something they can’t do on an indoor elliptical.

Meet Our Customers

The ElliptiGO community is comprised of people from all walks of life, from Baby Boomers looking to stay healthy and active, to healthy runners who want to get faster and avoid injuries, to professional athletes seeking to improve their performance. Our customers have built an active global community online through Facebook and Strava and last year launched the Global ElliptiGO Riders Club, a membership club for ElliptiGO owners that helps build community, connect ElliptiGO riders and hosts riding events. We believe that satisfied customers are the lifeblood of our business, so we're thrilled to have attracted such an enthusiastic and active group.

Why We Are Raising Money

Since we founded the company, we have raised a total of $6,484,041 in equity from individual investors. This money was raised through funding rounds ranging in size from $775,000 to $2 million. While this funding strategy enabled us to get the company from a concept to a $5.9 million business, it has consistently left us in a tight cash position that has limited our ability to make key investments in marketing to accelerate our growth. In fact, we operated without a head of marketing until mid-2015 in part because we didn’t have a large enough marketing budget to justify a senior marketing position. The other reason we held off on doing a substantial fundraise was because we didn’t believe that we had a product line that we could get to a price point that could really scale the business.

In 2015, we hired our first VP of Marketing and launched the Arc - a product architecture that we believe gives us the ability to greatly reduce our price. We believe that a dramatic cut in price will be the turning point that enables us to rapidly scale our business. To take advantage of this new pricing capability, we have decided to raise an additional $5 million through this Regulation Crowdfunding offering and a concurrent Regulation D offering to accredited investors. If we are successful we will nearly double the total amount raised to date, providing us with more available capital than at any point in our history. We intend to invest these funds in three ways:

  1. Continue our aggressive marketing push in 2017 and 2018 to raise awareness and convert sales

  2. Support a price sensitivity test to determine the ideal mass-market price point

  3. Provide working capital to support sales growth

Marketing Push

In 2016, we invested more than $1 million into our first coordinated marketing campaign. We believe this campaign was successful in raising awareness about the product category, identifying highly interested potential purchasers, and converting sales. We believe this investment led to record revenues and unit sales in 2016. As our first true marketing campaign, we learned a lot about what works and what doesn’t to drive awareness, identify potential purchasers, and convert sales. We intend to dedicate about half of the amount we raise to building upon these marketing efforts in 2017 and 2018 to drive continued growth. Specifically, we intend to expand upon the digital and social media efforts that produced the best results this year, make additional improvements to our website, and explore highly targeted direct response television and online advertising.

Price Sensitivity Test

We believe it is critical for us to identify what the correct mass market price for an elliptical bicycle is and we intend to invest up to $500,000 to support a price sensitivity test in 2017. The allocation of this spend will depend on which outlets we choose to execute through and how much traction we achieve at each price point. 

Working Capital

As we grow we will need to invest additional funds into working capital. Once we are able to access bank financing, we will free up this cash by borrowing against our receivables and inventory and then support our working capital needs through debt. We expect that transition to start in 2018. Until then, we will need to increase our existing amount of working capital by about $1 million which we will source from the proceeds from this fundraise.

We intend to hold the remaining $1 million - $1.5 million from this fundraise in reserve for the time being in anticipation of using it to take advantage of unforeseen marketing opportunities or fund a more rapid growth in our working capital requirements.

Future Funding Requirements

We anticipate the growth of our company to require additional financing in the future for working capital; however, we expect to use debt financing to address those future needs. We do not intend to conduct another round of equity financing in the future, but we will continue to pursue the course of action that we believe is in the best interests of the company and shareholders, which may include a subsequent equity fundraise.

Help Propel ElliptiGO To The Next Level

The fitness and bicycle industries are well developed and dominated by several large players. The supply chain, manufacturing processes, and distribution networks are established and well understood. We believe that our position as the leading brand in this new industry that holds the key intellectual property underlying the industry will lead the market leaders in fitness and cycling to conclude that acquiring our company is the most efficient path to capturing the large global market opportunity that elliptical cycling presents. 

This year we had substantive conversations with a number of leading players in the cycling and fitness industries to gauge their interest in acquiring our business. We concluded from the discussions that several of these companies are aware of, and interested in, the elliptical cycling space; but are waiting until we are larger and the market is more proven before they would be willing to invest into it. This reinforces our belief that we are on the right path and that an acquisition could take place once the industry begins to take off. By closing this round of financing, we believe we can accelerate ElliptiGO's growth and the development of the industry.

Funding Incentives

All investors will receive an investor welcome kit.

First 100 investors get a unique custom 24 oz. “ElliptiGO investor” Polar Water bottle.

Purchase 500 - 999 shares and as a thank you we’ll provide you with a personal discount code that gives you 10% off all orders at

Purchase 1000 or more shares and as a thank you we’ll provide you with a personal discount code that gives you 20% off all orders through and a unique custom ElliptiGO-branded polo shirt that is not available for purchase.

Meet The ElliptiGO Team

Here at ElliptiGO, we are fortunate to have a passionate group of employees who care about our customers and who are committed to building this industry. Ten of our 22 employees have been with the company for more than 5 years and several employees were customers first before joining ElliptiGO. We have built substantial expertise in each of our company functional areas and we believe our team is ready to take this company to the next level. 

In the Press

Meb's No-Impact Workout Weapon

One of the weirdest contraptions on two wheels might be the best thing you can do for your running.

How An American Ninja Warrior Does Wellness

Jesse Graff explains how she likes to sweat. “I love running, but so many of the skills that I work on are high impact. After I had ACL surgery, I got an ElliptiGo, an outdoor elliptical bike, and I found that it’s better for me to do every day. There’s a one-mile hill behind my house and I just ride the ElliptiGo up the hill as fast as I can. It’s more similar to the running range of motion than a bike is.”

ElliptiGO: The Hottest Fitness Hybrid on the Streets

The company’s customers call it the “movie-star effect,” because of all the stares it draws. Is it a bike? Is it an elliptical? Has a piece of workout equipment suddenly become sentient and made a jailbreak from a local gym? What the heck is that thing? That thing is called an ElliptiGO, and you might have seen one rolling around the city, especially in Central or Prospect parks. It’s a bike-elliptical hybrid that first hit the road three years ago but is starting to show up more frequently around Gotham.

Offering Summary

Irregular Use of Proceeds

The Company might incur Irregular Use of Proceeds that may include but are not limited to the following over $10,000:

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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.


Fundraising Update

over 4 years ago

My apologies for the continued delay in getting the funding finalized. I have been in conversation with StartEngine and the entire fundraise is being held up by $38,000 in funds that have not been cleared by the escrow company because of a handful of issues. StartEngine has been working directly with the few individuals involved and all have been notified of their issue. If you have not been notified that your investment has an issue, it is very likely that your investment will be accepted. 

As we can all agree, we need to bring closure to this process. If the investments that have issues are still not cleared on Monday, then they will likely be canceled so we can close the fundraising round. 

I sincerely apologize to those individuals who are having difficulty getting their investments cleared and I hope we can get things fixed over the weekend so they are cleared on Monday. If not, we will likely have to close without you. 

Thanks to everyone for their patience and we are looking forward to finalizing this investment effort soon!


Campaign Progress Update

over 4 years ago

Thank you very much for your patience and I sincerely apologize about my lack of communication. I was traveling internationally from March 4th through March 19th and didn't have good access to the Internet (hence the brevity of my last update). Fortunately, the team at StartEngine has been working full steam on closing out our fundraise and they've made quite a bit of progress. Ours was one of the more complicated raises so far because of the amount we raised and our desire to move about a dozen accredited investors representing more than $200,000 out of the crowdfund and into our accredited round to free up space so that the most investors possible can participate in the crowdfund. 

Fortunately, we are now at the end of the process. This week all of the outstanding international wires should be released, which is the last thing we have been waiting on. At that time we can deposit the funds that are being held in escrow. Once that happens, we'll notify everyone of the outcome of their investment. Shortly after that we'll be sending out the investor welcome kits. So, please bear with us for the rest of this week as this comes together.

As always, we very much appreciate your support and are looking forward to welcoming you to the investor team!


Clearing the Last of the Funds

over 4 years ago

Thanks very much for your patience! We are still clearing the last of the funds from the crowdfund. That should be done this week. Thanks again to those investors who were willing to move funds to the accredited round - that opened up room for about 100 additional investors to get into the crowdfund! We'll follow up with additional information later this week once everything is cleared. We really appreciate the support and are excited about executing our plans in 2017 and beyond.

Good News About Investments

over 4 years ago

I have received a lot of questions about the cutoff and whether a specific investor will be able to have their investment accepted. The $1 million cap is something that is non-negotiable, but fortunately, several investors who meet the requirements to be accredited under SEC rules have volunteered to cancel their crowdfund investment and instead invest through our accredited fundraise that we have been running concurrently with this one. That means we should be able to accept the vast majority of people who commit to the investment and want to invest. There may be a handful of folks that still miss out, but it should be very few people. Thanks very much to those individuals who made this possible - we very much appreciate it!

Thank you and Next Steps

over 4 years ago

Dear ElliptiGO Investor Team,

I am thrilled to report that thanks to your support, we were able to not only reach our stretch goal of $1,000,000 but blow it away. We ended up at a total investment of $1,281,377.50 from 610 investors. We brought in more than $500,000 yesterday alone, which is truly incredible. I found out today that of the 100+ companies that have completed Regulation Crowdfunding campaigns, only 7 have reached $1 million, so we truly had one of the most successful campaigns ever. On top of that, we set a new record for the highest average investment amount per investor in a $1 million+ campaign. Thank you for making this campaign so successful!

Now we have to allow all of the investments to clear. This process takes 10 business days. After 10 days of clearing, StartEngine will contact any investors with “incomplete” investments to rectify any issues with their investments.

We are limited to a maximum raise of $1,000,000 so we will likely have to refund some monies that have been collected by the escrow company to people who came in at the very end of the process. This process also takes about 10 business days for StartEngine to sort out.

Once all of that is done, the funds will be transferred. Each investor will receive an email with a countersigned subscription agreement, which you should keep in your files as a record of your stock purchase. StartEngine will then provide us with the list of investors and their contact information which will go into our corporate books. At that point, we will get the investor welcome kits sent out, provide the discount codes for people who purchased 500 or more shares, and get shirt sizes for investors who purchased 1000 or more shares. Sounds like we're looking at early April for that.

It’s quite a bit of work for StartEngine and the escrow company to handle 600+ individuals, so we very much appreciate your patience as they get everything perfect.

In other news, hopefully you saw that we launched the Arc 3 and Arc 24 products today as scheduled. We are really excited about having a complete family of Arc products as well as a product priced below $1,000. If you didn’t see the launch, you can check out the new Arc product family on our website: Many of our dealers have the Arc 24 in stock starting today, so you should be able to test ride one at your convenience. Another piece of good news is that we expect to add another $75,000 - $100,000 in investments from two individuals on Friday. That will raise the total investment in this round when combined with the $1 million crowdfund to $2,325,000 - $2,350,000 and we see a path to getting that over $2,500,000 by the end of March. It’s an exciting time at ElliptiGO for sure.

All of us here at ElliptiGO very much appreciate your confidence in us, our products, this new category and our ability to build ElliptiGO into the company we believe it can be. We recognize that without our investor group, we would not be here. We see you as a member of our team and we’re looking forward to working with you to continue building this industry and our company. Thank you very much for joining us.


ElliptiGO Closes on $1 million+ From Investor Group

over 4 years ago

This past week was sensational for ElliptiGO – we received more than$1,000,000 in new investments from a group of investors and generated an additional $200,000 in new investments through our funding portal. We expect to have more than 600,000 committed through the portal by the end of the day today. Next week will be even more exciting with the conclusion of our fundraise on Tuesday and the launch of two new ElliptiGO models on Wednesday.

We’re thrilled with the support we have received from our investor team and the progress we’ve made over the past few years. With thousands of satisfied customers around the world, we believe we are creating the next big thing in exercise and recreation. We’d love for you to be a part of it.

Hopefully we’ll be welcoming you to our investor team soon!

Fundraise Closing Soon

over 4 years ago

Good news! We are having a very successful fundraise and will continue to accept investments through February 28th, 2017. Per our offering terms, we will be conducting a 1st closing in as little as 5 business days. If your funds have cleared you will have up until 48 hours prior to this closing to cancel your investment.

We are thrilled with the response to this campaign and excited to welcome this army of new investors to our investor team. Investors have played an important role every step of the way as we built our company from an idea into the world's leading elliptical cycling brand. If you believe in the future of this industry, we'd love to have you on our team to help us continue spreading ElliptiGOs around the world. However, there are only a few days left to join us as an investor. We hope you won’t let this opportunity to be a critical part of something new and exciting pass you by.

Thanks you very much for your support and enthusiasm, we very much appreciate it.


Bryan Pate
ElliptiGO Inc.

Nasdaq Calls ElliptiGO "The First Innovation to Hit The Bicycling Market in Over 35 Years"

over 4 years ago

We were thrilled to see a recent article on analyzing this crowdfunding offering. The author concluded that we are actually disrupting three industries and was enthusiastic about our prospects. He also included a graphic of the evolution of the bicycle that we found particularly interesting. Here's the article:

New Investor Sets Female ElliptiGO Distance Record

over 4 years ago

New investor and elite marathoner Tera Moody rode 213.2 miles on February 11 and 12 to set a new one-day distance record on an elliptical bicycle. The effort took her 14 hours, 19 minutes and 12 seconds and was set during the Bike Sebring 24-hour event. Tera is rumored to be looking at taking another shot at the distance record later this year! Here are the results:

The Stone Clinic Suggests Using the ElliptiGO as Run Training

over 4 years ago

Orthopedic surgeon and founder of The Stone Clinic, Dr. Kevin Stone, just released an article about safe run training. He suggests that the ElliptiGO is the best substitute for running he's found and that it works the gluteal muscles better than any other running-related device. Plus, he says, it's fun!

ElliptiGO Article in Bicycle Retailer Magazine

over 4 years ago

Bicycle Retailer Magazine, which is the leading media resource covering the bike industry, put out an article on ElliptiGO a few weeks ago:

They were impressed with our 15% year over year revenue growth and 30% unit growth in 2016.

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