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

ElliptiGO

Elliptical and Stand-Up Bicycles

ElliptiGO

Elliptical and Stand-Up Bicycles

Solana Beach, CA
Consumer Products
Sports
Own a piece of ElliptiGO, the leading provider of elliptical and stand-up bicycles around the world. This is your chance to invest in the next big category of outdoor fitness and recreation with an established company that has already generated more than $45 million in sales.

$562,240

raised
303
Investors
$34.1M
Valuation
$7.00
Price per Share
$700.00
Min. Investment
Equity
Offering Type
$1.07M
Offering Max
0
Days Left

$562,240

raised
303
Investors
$34.1M
Valuation
$7.00
Price per Share
$700.00
Min. Investment
Equity
Offering Type
$1.07M
Offering Max
0
Days Left
This offering ended on March 06, 2020 and is no longer accepting investments.

Bonus Rewards

Get rewarded for investing more into ElliptiGO

$700+
Investment
StartEngine Owner’s Bonus
This offering is eligible for the StartEngine Owner’s 10% Bonus program. For details on this program, please see the Offering Summary section below.
$700+
Investment
10% Discount on Purchases
Enjoy a 10% discount on purchases from www.elliptigo.com. Discount is good on all full-priced products sold through www.elliptigo.com, excluding shipping and taxes.
$3,500+
Investment
20% Discount on Purchases
Enjoy a 20% discount on purchases from www.elliptigo.com. Discount is good on all full-priced products sold through www.elliptigo.com, excluding shipping and taxes.
$7,000+
Investment
30% Discount on Purchases
Enjoy a 30% discount on purchases from www.elliptigo.com. Discount is good on all full-priced products sold through www.elliptigo.com, excluding shipping and taxes.

Reasons to Invest

We have sold more than 28,000 ElliptiGOs and generated more than $45 million in revenue.
Our products are used by fitness enthusiasts, recreational athletes, celebrities, professional athletes and more than 300 high school, college and professional teams.
We hold 43 issued patents and have built a passionate community of thousands of customers around the world.

Our company has raised more than $9 million from 600+ investors. These people believe in our company and our ability to lead the next revolution in fitness. This includes $1 million raised in 2017 through a crowdfunding effort like this one on StartEngine. Since then, we have: 


  • Generated more than $10 million in additional revenue
  • Shipped more than 9,000 bikes to customers around the world
  • Doubled the number of high school and university teams using our products to more than 300
  • Launched the first Stand Up Bike (SUB) and expanded that family to include 3 new models: the Original SUB, the Mountain SUB and the Road SUB
  • Introduced our first off-road model (the MSUB), allowing us to start to tap into this huge cycling category 
  • Started production for our first custom stationary trainer, which provides a better indoor experience for our customers and works with all of our products. They should be available for purchase this quarter and allow us to market directly against indoor elliptical trainers
  • Launched a line of branded accessories, including gloves, helmets, buffs, and towels
  • Expanded our IP portfolio by adding 7 additional issued utility patents and one additional issued design patent, bringing our total to 43 issued patents

Check out the MSUB, our first off-road product, in action

Running causes injuries, cycling is uncomfortable and gyms are no fun

Running is great exercise, but the pounding takes its toll. Research shows that 40% - 80% of runners get at least one running-related injury each year.[1] Cycling is a fun way to get exercise, but many cyclists find the riding position painful, especially the bike seat.[2] No one likes seat pain. Finally, indoor elliptical trainers provide a great, low-impact exercise, but are limited to indoor use. No one wants to be stuck doing cardio at the gym on a beautiful day. We knew there had to be a better way for people to exercise, so we created it.

ElliptiGO bikes provide a killer low-impact, comfortable, full-body workout that’s FUN!

Our products include the best elements of running, cycling and the elliptical trainer while eliminating their drawbacks. ElliptiGO bikes provide the fun and exhilaration of cycling without the pain caused by the seat and riding position. They also provide a weight-bearing, full-body workout like the elliptical trainer, with the added benefit of enabling you to go almost anywhere instead of being stuck in a gym. In addition, our elliptical bikes get rid of the impact from running while delivering a running-like feeling and time-efficient workout. This unique ability to deliver a fun, comfortable, low-impact, full-body and time-efficient workout outdoors sets elliptical and stand-up bikes apart from any other product on the market today.

Product Families

The market for elliptical and stand-up bikes could exceed a billion dollars globally

Several other product categories that are similar to stand-up and elliptical bikes have grown from nothing to become billion-dollar industries in the recent past. Examples include mountain bikes, electric bikes, Spinning, and elliptical trainers. If we can deliver a product family with the right performance that is priced appropriately and positioned correctly, then we expect to see this category grow to become larger than the elliptical trainer market. That would mean an industry with between 30 million and 40 million participants in the US alone generating annual revenues of $1-2 billion. 

We Have Acquired a Broad Customer Base and Are Ready for Growth

Since introducing the world’s first elliptical bicycle in 2010, we have shipped more than 28,000 bikes to customers in 60+ countries around the world and generated over $45 million in revenue. Our customers range from professional athletes and teams looking for a training advantage to Baby Boomers who want to lose weight or stay fit. Our product lineup has expended to seven different models priced from $799 to $3,699. To increase the utility of all of our products, we expect to launch a stationary indoor trainer solution soon that will enable all of our customers to enjoy their ElliptiGO bikes year-round regardless of where they live. Finally, we are in development on electric-assist products that could be retro-fitted onto existing bikes as well as enable us to offer electric elliptical and stand-up bikes in the future.

Meet Our Customers

The ElliptiGO community includes tens of thousands of riders spread across more than 60 countries. Their energy, enthusiasm and personal stories keep everyone here at ElliptiGO motivated to deliver the best products we can. They are an energetic, enthusiastic and supportive group. Our customers have created their own 3,500-person group on Facebook and several years ago, they established the Global ElliptiGO Riders Club. With more than 200 members, the Club puts on several events across the country and fosters a lot of camaraderie by setting riding challenges and rewarding members for riding. After our intellectual property, ElliptiGO customers are our best asset. Their experience with our products is the most powerful resource we have for inspiring new customers to become a part of the ElliptiGO family.


Everyone is talking about us

We are determined to grow this category through marketing and innovation

In 5 years, we want to be generating at least $20 million in revenue each year. In 10 years, we want to be at least a $50 million company. Getting there will require a lot of work. We intend to continue to be the leader in innovation in this industry and plan to continue to grow our product portfolio. When we study the bicycle and elliptical trainer industries, it is clear to us that we have only scratched the surface in terms of product development and we see a wide range of paths forward to achieve our goals.

Experts in our fields with an authentic passion for fitness

ElliptiGO was created by two Ironman triathletes to provide the ideal solution for people who could no longer run because of overuse injuries. Our management team has been working together at ElliptiGO for more than nine years. In that time period, our company has developed more products, generated more revenue, secured more intellectual property, and shipped more bikes than any other player in the outdoor elliptical and stand-up bicycle industry. We are well-positioned to reap the benefits from the growth of this new industry.


Join us in making this category “the next big thing”

About once a decade a new kind of activity emerges that takes the world by storm. In the 1980s it was 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) and electric bikes have become hugely popular. We believe that elliptical and stand-up bikes are ideally situated to become the next “it” thing in recreation and fitness. If we are right and this category becomes the next one to experience explosive growth, we believe we could be one of the biggest beneficiaries of that growth, thanks to our brand position and intellectual property portfolio.

How do I make money on my investment?

Everyone who owns equity in ElliptiGO, including all of our employees, our co-founders (Bryan and Brent), and all of our investors expect to make money from our investments through either a successful sale of the company or an initial public offering (IPO) 3 to 5 years in the future. So, this is a buy and hold strategy with the belief that we will be able to grow the business and command a valuable sale price or conduct a successful initial public offering (IPO) where we can sell our shares for many times what we paid for them. Keep in mind that investing in a startup like ours is risky. There is a real chance that we will fail to have a successful exit or even go out of business, in which case your investment could end up being worth nothing.


Is there a catch?

There’s no catch. We are issuing the same class of preferred shares through this offering that we have issued to all of our previous investors who have collectively invested more than $9 million in our Company. The biggest advantage of these preferred shares compared to the common shares that our employees and co-founders hold is the requirement that all of our investors get paid back 100% before the common shareholders receive any distribution from a sale of the company. Once the preferred shareholders are paid back 100% of their investment amount, their shares convert to common and participate equally with the common shareholders. So, we are all in this together, and the employees’ and co-founders' shares only become valuable if we can sell the company for more than our investors have put into it or we can conduct a successful initial public offering (IPO).


How was the share price determined?

In 2017 we raised more than $2.6 million at a price of $6.50 per share. $1 million of that came through a Regulation CF offering like this one that was oversubscribed, meaning more people wanted to invest than we could allow to invest. Since then we have launched three new bike models, including our first off-road model, we are in the process of launching our own stationary trainer, and we are developing our first electric bike model. We believe the additional progress we have made (more than $10 million more revenue and more than 9,000 additional ElliptiGO bikes on the road) takes us closer to our goal of creating this industry. As a result, we believe the company is worth more now than it was back then. The increase in price to $7.00 reflects that belief.


What will the money be used for?

The majority of the money will be used on marketing. Our focus is on profitably growing the company as quickly as we can. We believe that our products deliver the experience we want them to and we have a very enthusiastic customer base. The primary issue holding back our growth is awareness of our products and belief that they provide the experience that they do. That is why we will be using these funds to improve our marketing efforts. A smaller portion of the money will go towards new product development and about 6% will go towards costs related to the fundraise itself.


Can I ask you questions?

Sure – please do. Because of the rules around Regulation Crowdfunding, please ask your questions through this forum. That way everyone gets to see the question and answer.

References

[1]  Incidence and determinants of lower extremity running injuries in long distance runners: a systematic review, Br J Sports Med 2007;41:469–480. doi: 10.1136/bjsm.2006.033548

[2] Non-traumatic injury profile of amateur cyclists, South African Journal of Sports Medicine, S Afr J SM 2014;26(4):119-122. DOI:10.7196/SAJSM.555

[3] Ibid.

[4] Sports and Fitness Industry Association, 2019 Single Sport Report on Running/Jogging available at: https://www.sfia.org/reports/742_Running-Jogging-Participation-Report-2019 

[5] - Findings from research conducted by the Exercise and Physical Activity Resource Center (EPARC) Lab, Department of Preventive Medicine at the University of California, San Diego. Report available at https://www.elliptigo.com/wp-content/uploads/2015/10/ElliptiGO-EE-Study-Final-Report1.pdf 

[6] Sports and Fitness Industry Association, 2019 Sports, Fitness, and Leisure Activities Topline Participation Report, available at: https://www.sfia.org/reports/707_2019-Sports%2C-Fitness%2C-and-Leisure-Activities-Topline-Participation-Report; and Sports and Fitness Industry Association, 2019 Manufacturers' Sales by Category Report available at: https://www.sfia.org/reports/710_2019-Manufacturers%27-Sales-by-Category-Report 

Offering Summary


Company

:

PT Motion Works, Inc.

Corporate Address

:

740 E. Solana Circle, Solana Beach, CA 92075

Offering Minimum

:

$9,996.00

Offering Maximum

:

$1,069,999.00

Minimum Investment Amount

(per investor)

:

$700.00











Terms


Offering Type

:

Equity

Security Name

:

Series D-3 Preferred Non-Voting Stock

Minimum Number of Shares Offered

:

1,428

Maximum Number of Shares Offered

:

152,857

Price per Share

:

$7.00

Pre-Money Valuation

:

$34,108,515.00











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

Company Bonus Rewards*

Time Based:

Invest before February 6, 2020, and get an additional 10% discount on purchases from www.elliptigo.com on top of your investor discount for 2 years (expires March 5, 2022).

Amount Based:

Invest $700+ and enjoy a 10% discount on purchases from www.elliptigo.com. Discount is good on all full-priced products sold through www.elliptigo.com, excluding shipping and taxes.

Invest  $3,500+ and enjoy a 20% discount on purchases from www.elliptigo.com. Discount is good on all full-priced products sold through www.elliptigo.com, excluding shipping and taxes.

Invest $7,000+ and enjoy a 30% discount on purchases from www.elliptigo.com. Discount is good on all full-priced products sold through www.elliptigo.com, excluding shipping and taxes.

*All perks occur when the offering is completed. Discounts are limited to full price items purchased through www.elliptigo.com. Discounts cannot be combined with other offers or used for products that are already discounted. All discounts are limited to personal purchases for the investor only. Purchases made by the investor to give as gifts to close friends and family members are permitted with ElliptiGO’s approval, which will not be unreasonably withheld. Any use of the discount other than for personal purchases or for gifts to close friends and family members is strictly prohibited. Purchases for resale are also strictly prohibited. ElliptiGO expressly reserves the right to terminate an investor’s discount if it reasonably believes the discount has been used to make a purchase that was not for the investor’s personal use or as a gift with ElliptiGO’s prior approval. Any advertising of the discount in any fashion is strictly prohibited and is grounds for termination of the discount. If in doubt about whether the use of a discount is proper, contact info@elliptigo.com for clarification.

The 10% Bonus for StartEngine Shareholders

PT Motion Works, Inc. 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 Series D-3 Preferred Non-Voting Stock at $7 / share, you will receive 110 Series D-3 Preferred Non-Voting Stocks, meaning you'll own 110 shares for $700. 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

The Company will not incur any irregular use of proceeds.

Show More
Most recent fiscal year-end:
Prior fiscal year-end:
Total Assets
$2,285,987.00 USD
$2,952,734.00 USD
Cash And Cash Equivalents
$1,007,895.00 USD
$1,340,960.00 USD
Accounts Receivable
$101,486.00 USD
$170,352.00 USD
Short Term Debt
$269,448.00 USD
$293,378.00 USD
Long Term Debt
$13,919.00 USD
$17,889.00 USD
Revenues And Sales
$4,642,737.00 USD
$4,871,832.00 USD
Costs Of Goods Sold
$2,784,088.00 USD
$2,946,797.00 USD
Taxes Paid
$10,322.00 USD
$2,350.00 USD
Net Income
-$717,811.00 USD
-$1,405,143.00 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

Final Day!

9 months ago

This is it. It's now or never. Our fundraising round closes tonight at midnight Pacific Time. Combined with the money we have received from our accredited investors we expect to end up with more than $700,000 raised! That puts us in a great cash position, especially since we expect to be profitable this year. Don't forget that all investors get a lifetime discount on our products ranging from 10% - 30% and the minimum investment amount is only $700. This is likely to be the last chance you'll have to join the ElliptiGO investor team. We are excited for the future and would love to have you join in our success.

One Day Left!

9 months ago

If you have been planning to invest, now is the time to make it happen. Our round closes tomorrow, Thursday, March 5 at midnight Pacific Time. All investors get a lifetime discount on our products ranging from 10% - 30% and the minimum investment amount is only $700. Join the investor team and help us make elliptical and stand up biking the next big thing in outdoor recreation and fitness. 

2 Days Left

9 months ago

2020 has started off really solid for us. We are up 11% so far Y/Y, which is a good place to be 2 months in. We continue to make progress on our e-assist kit and the reviews on our trainer have been really positive. Being profitable remains our goal for the year and if we stay on this trajectory we should make it easily as costs have come in under budget so far. Thanks very much to the 200+ investors who have joined our investor team already, we really wouldn't be here without the support of our investors so we sincerely appreciate it. If you want to take advantage of this opportunity to buy ElliptiGO stock, now is the time. Once we close on Thursday, it's unlikely there'll be another shot at investing in the near future.

4 Days Left!

9 months ago

Cross-Country Ski Winner Trains on ElliptiGO

This is a cool article that just came out last week: https://www.decorahnews.com/news-stories/2020/02/24569.html. In short, one of the age group winners in the largest cross-country ski race in the USA (the American Birkebeiner Race) trains on an ElliptiGO. He is one of a number of competitive cross-country ski racers in the US and Canada who cross-train on ElliptiGOs. They do it for the same reasons that runners do - the ElliptiGO provides a great, full-body, low-impact workout that really develops the posterior chain and the core muscles. Every athlete can benefit from this kind of training, so it's no wonder that athletes outside of running use it. It's not just good for endurance sports, either; professional basketball, hockey, football, baseball, soccer, and tennis players have incorporated ElliptiGO into their training. That's one of the reasons we're so optimistic about our future - there are so many applications for our products. It's really exciting to be part of something at the early stages that has so much potential and this article just reminded me of that.        

More Than 100 ElliptiGO Users Racing Today in the Olympic Trials Marathon

9 months ago

We started ElliptiGO with the dream of creating the world's first low-impact outdoor running emulator. We didn't realize at the time where that dream would take us and how many other dreams it would help fulfill. We are proud to share that today, more than 100 ElliptiGO users are in Atlanta to race in the Olympic Trials marathon. Many are pursuing their dream of competing at the Tokyo Olympics this summer. While for some of these runners, just qualifying for the Olympic Trials is a dream come true. 

Over the years, we have had the privilege of getting to know dozens of professional runners around the world. They are kind, humble and dedicated professionals who push the envelope of human performance. We are honored that they place their trust in us and our products every time the train on an ElliptiGO and we are proud to make a small contribution to their pursuit of their dreams. Please join us in wishing them all the best in fulfilling their dreams today and in the future.


https://youtu.be/P4Ik9JxdsqQ  

Notice of Funds Disbursement

9 months ago

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

Hello!

As you might know, ElliptiGO has exceeded its minimum funding goal. When a company reaches its minimum on StartEngine, it's about to begin withdrawing funds. If you invested in ElliptiGO be on the lookout for an email that describes more about the disbursement process.


This campaign will continue to accept investments until its indicated closing date.


Thanks for funding the future.

-StartEngine

Trainers Shipping Ahead of Schedule

10 months ago

Good news - Our first container of trainers have arrived and they look really good, so we are going to start shipping them tomorrow! We have already received 74 pre-orders , which is ahead of our forecast. We are looking forward to getting these products into customer hands and building up our product reviews. It's exciting to finally be delivering the indoor/outdoor solution we have been working on for so many years and to have another good source of revenue for the company. 

ElliptiGO Featured on CyclingNews.com

10 months ago

Last week CyclingNews.com, one of the top websites covering the sport of cycling, ran an article on Marianne Vos using an ElliptiGO to help her recover from a surgery. Vos is a Olympic Gold Medalist and 10-time World Champion in cycling. She was referred to the ElliptiGO by a friend of hers who is one of the top marathoners in The Netherlands. You can find the article and video here

Obviously, we love to get press like this. More importantly though, we love to see successful athletes suggesting our product to other successful athletes because they believe in it. Delivering results is what we can build a sustainable business on, so we are excited by another validation of the effectiveness of our products.  


Reached $200,000 Faster Than in 2017

10 months ago

Thank you to all of the investors who have brought us to more than $200,000 invested in less than a month! In 2017 it took us six weeks to reach $200,000. We are really happy with the momentum so far and are looking forward to welcoming all of you to the investor team soon! 

Taking Pre-Orders for The ElliptiGO Fluid 365 Stationary Trainer

10 months ago

We've already received 50 pre-orders for our ElliptiGO Fluid 365 Stationary Trainer that we announced on January 23rd. This is the only trainer that is approved for all of our models and we are really happy with how it performed throughout testing. We expect to start shipping the trainer the week of February 17th. This will finally allow us to really position our long-stride products in particular directly against indoor elliptical trainers, which we are very excited about. Thanks for being a part of this journey, we wouldn't be here without the support of our fantastic investor team!

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