Boaz Bikes Inc offering is now closed and is no longer accepting investments.
INVEST IN BOAZ BIKES INC TODAY!
A Safer Micro-Mobility Solution
$155,798.96 Raised
REASONS TO INVEST
New 2023 study shows the e-scooter market is predicted to grow from less than a billion dollars today to $6 bn by 2025. Along with the global micromobility market to over $260Bn by 2025. Granting an amazing growth opportunity for new and old movers in the micromobility space.
In the summer of 2021, our revenue per ride passed that of Bird & Lime (leaders in the industry) by a multiple of 2.5x. By EOY, our year-over-year revenue grew 319%. 2022 revenue surpassed $750,000, and we plan to continue growing in 2023.
For the month of May 2022, Boaz Bikes had its first profitable month; taking what we learned in 2022, we plan to duplicate and scale into at least five new markets and onboard our first ten franchises in 2023, giving us the ability to reach $7.8M+ this year ($17M in ARR) while seeing a profit.
*Market information provided by (source)
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This offering is insured by the TigerMark Insurance policy. TigerMark insurance allows investors to get investments returned under qualifying circumstances. Learn more here.
The Boaz Difference; We Do MORE with LESS
At Boaz, we are revolutionizing the way people move around urban areas by shifting vehicles 2-5 times a day based on end location and future demand. Our smaller fleet and efficient structures mean lower costs than competitors. Our system safeguards and inspects vehicles every time they are moved, resulting in high customer ratings and zero lawsuits to date. Additionally, IRIS, our real-time alert system, helps to reduce theft, and our Quick ResponseTeam Members are able to maximize revenue through on-demand delivery, subscription services, and other models. Investing in Boaz could be an attractive choice as we will work to propel cities into the future of mobility, building a solid MOAT that cannot be easily duplicated.
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. Boaz is focused on offering safe, reliable, and affordable rides to local communities currently being overlooked.
In the past two years, we’ve seen many big players leave smaller communities that still need safe micro-mobility solutions (source & source). By operating from the ground up and employing full-time staff rather than contractors, we’re able to serve those markets and remain profitable. 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 scooters, proprietary operations technology
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.
Safer scooters are just the beginning. Boaz is able to be profitable in all markets—big or small—because our proprietary operations technology enables us to operate with smaller teams and directs those teams to maximize our fleet for the highest possible revenue opportunities.
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) Q1 of 2023!
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 an amazing year for Boaz, finishing with $548k in annual revenue. We've kept the momentum going in 2022 and expanded into more cities and increased our annual revenue! We’re now poised to launch in two new cities in Q1 of 2023. Looking ahead to the end of 2023, we’re planning to significantly expand our efforts and grow into over 12 additional markets starting with LA, Austin, Long Beach, Oakland and more by the end of 2023. By operating our proprietary IRIS technology in high revenue generating markets first opens up a tremendous amount of cash flow which will allow us to launch smaller fleets in more small to mid-size cities without the need for additional outside funding. We’ve done all this while seeing zero reported accidents in over 200,000 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 2023.
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.
ABOUT
HEADQUARTERS
7600 Chrysler Dr. Unit 101
Detroit, MI 48211
WEBSITE
View Site
Boaz Bikes is the micro-mobility company focused on safety and equity. Since 2018, we have been growing based on the vision of a safer vehicle and supporting underserved communities. With our proprietary AI technology, we are able to operate efficiently and reach profitability while helping to solve the first and last mile problem in cities all across the United States.
TEAM
Emil Nnani
Chief Executive Officer
Christiana Winfrey
COO
Cory Smith
CFO
Tim Holmgren
CTO
Shauna Armitage
Head of Marketing (Part-Time)
Shauna is a contractor and works with Boaz Bikes part-time.
TERMS
Boaz Bikes Inc
Overview
PRICE PER SHARE
$1.94
DEADLINE
Mar 2, 2023
VALUATION
$19.48M
AMOUNT RAISED
$155,798.96
Breakdown
MIN INVESTMENT
$248.32
MAX INVESTMENT
$3,799,996.34
MIN NUMBER OF SHARES OFFERED
5,154
OFFERING TYPE
Equity
ASSET TYPE
COMMON
SHARES OFFERED
Common Stock
MAX NUMBER OF SHARES OFFERED
1,958,761
Maximum Number of Shares Offered subject to adjustment for bonus shares
Company | : | Boaz Bikes Inc |
Corporate Address | : | 7600 Chrysler Dr. Unit 101, Detroit, MI 48211 |
Offering Minimum | : | $9,998.76 |
Offering Maximum | : | $3,799,996.34 |
Minimum Investment Amount(per investor) | : | $248.32 |
Terms
Offering Type | : | Equity |
Security Name | : | Common Stock |
Minimum Number of Shares Offered | : | 5,154 |
Maximum Number of Shares Offered | : | 1,958,761 |
Price per Share | : | $1.94 |
Pre-Money Valuation | : | $19,480,046.34 |
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.
*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 25% Bonus Shares.
Super Early Bird Bonus
Invest within the first week and receive 20% Bonus Shares.
Early Bird Bonus
Invest within the first two weeks and receive 15% Bonus Shares.
First Two Months Early Bird Bonus
Invest within the first two months and receive 10% Bonus Shares.
Amount Based:
Tier 1 | $500
Invest $500 and receive a $50 credit off future rides
Tier 2 | $1,000
Invest $1,000 and receive Tier 1+ a free Boaz branded investor t-shirt.
Tier 3 | $5,000
Invest $5,000 and receive Tier 2 + free rides all year.
Tier 4 | $10,000
Invest $10,000 and receive Tier 3 + virtual meet and greet with the entire team & tour of our facility.
Tier 5 | $20,000
Invest $20,000 and receive Tier 4 + a free scooter.
Loyalty Bonus:
Past investors receive 10% bonus shares.
*In order to receive perks from an investment, one must submit a single investment in the same offering that meets the minimum perk requirement. Bonus shares from perks will not be granted if an investor submits multiple investments that, when combined, meet the perk requirement. 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 $1.94 / share, you will receive 110 shares Common Stock, meaning you'll own 110 shares for $194. 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 canceled or fail.
Investors will receive the highest single bonus they are eligible for among the bonuses based on the amount invested and time of offering elapsed (if any). Eligible investors will also receive the Owner’s Bonus and the loyalty bonus for past Investors in addition to the aforementioned bonus.
Irregular Use of Proceeds
We will not incur any irregular use of proceeds.
ALL UPDATES
03.01.23
Down to the wire, only hours left to invest and we are not EXTENDING!!
This is it. We are not extending this round for another 30 days. Literally, you have hours left to invest in the shared mobility company that's stepping out to move cities forward! Gasoline vehicles will soon be a thing of the past, and we believe Electric vehicles are the way to go. Backing an industry-changing company like Boaz Bikes early on could be game-changing over the next few years. Boaz is a company with so much potential and the ability to pivot to solve multiple customer needs. Patent pending on our new Model 3 vehicle, which we believe will reshape the shared industry, our MaaS platform, which will help us onboard our next 5-10 franchises this year, our First & last mile eco-system that uses our technology to shift people from their homes in affordable shuttles to nearby scooter hubs, and many more things in the pipeline.
When deciding to invest in a startup, you may want to ask yourself, down the line, does this company:
- Have the potential to IPO?
- Have the potential for an acquisition?
- Have the potential to pay dividends?
- Is this company making the world a better place?
- Ten years from now, will this company or its model still be around?
I can't answer those questions for you, but you have hours left to decide if an Electric Shared Mobility company that has been increasing revenue year after year while decreasing carbon will be the future of transportation.
Thanks for the support,
Emil Nnani
02.28.23
1 Day left to invest into the company that's reshaping how people move around
Today marks the final day to get in on Boaz Bikes, the revolutionary shared scooter startup! Boaz Bikes delivers cutting-edge transportation options that are perfect for running errands, meeting friends, commuting to work, and more. Our scooters feature advanced safety and locking mechanisms, integrated GPS systems, and easy-to-use mobile apps. Plus, you’ll be owning shares when you invest (This is not a donation). One day left to join the movement and get in on this incredible investment opportunity. Don’t miss out! Invest in Boaz Bikes; invest in the future of transportation now.
02.23.23
Why I'm Bullish On Scooters (Days Left To Invest)
I feel very bullish about shared scooters. As cities continue to move towards smart mobility, it's become increasingly clear that the days of gasoline vehicles are gone. Commuters, tourists, and the like are turning to more efficient means of transportation, and shared scooters are becoming increasingly popular for many reasons.
One of the main advantages of shared scooters is the cost: these electric scooters are incredibly cheap to use compared to other forms of transport like Uber or taxis. In many cases, taking a scooter for shorter trips is more reasonable than using a ride-sharing service. A shared scooter costs far less than an Uber or taxi, making it a much more affordable way to get around your city.
Another reason shared scooters are gaining in popularity is their convenience. Unlike a car or bike, you can pick up a scooter at the start of your journey, ride it, and then drop it off wherever you want. You never have to worry about finding a parking spot; all you need to do is find an available spot, and you're good to go.
Finally, from an environmental perspective, shared scooters are an excellent choice. By opting for a shared scooter instead of an Uber or rental car, you're reducing your carbon emissions and helping to protect the environment.
All in all, shared scooters are making an exciting move in the world of smart mobility and I'm feeling very hopeful about their future.
--Emil Nnani
02.22.23
Over $1.5M in revenue (one week left 😱)
How about an adventure for the better? Invest in Boaz Bikes and be part of the revolution transforming the modern definition of mobility! With over $1.5M in revenue, over 250,000 rides, multiple city permits, and no signs of slowing down, Boaz Bikes is leading the way to reduce energy consumption and provide convenient micro-mobility solutions across cities. Now is your chance to join us on this journey and create a future of freedom and movement - don't miss out and invest today!
02.16.23
Less than 2 weeks left to invest!!
Do you want to be part of the future of transportation? We are building the next big thing – an innovative ecosystem built around shared scooters. Our team is passionate about providing a reliable, dependable, and easy-to-use mobility platform. We recognize the mobility needs of today and the growing demand of tomorrow, and we are just the ones to meet them.
We are at the end of this investment opportunity, with only days left. Our startup will disrupt the global shared scooter market, and we have ambitious but achievable plans for growth and expansion. These are the last two weeks to invest in our startup and receive a chance at a great return on your investment in the coming years.
We are ready to revolutionize the shared mobility space by offering different vehicles, operating models, and revenue streams to bring an affordable and sustainable way of transport to people across the globe. Join us and be part of the future of transportation. Invest in us and get ready to reap the rewards!
Want to view our latest pitch deck? Click Here
01.27.23
Notice of Material Change in Offering
[The following is an automated notice from the StartEngine team].
Hello! Recently, a change was made to the Boaz Bikes Inc offering. Here's an excerpt describing the specifics of the change:
Campaign is extending their end date by 30 days and made minor cosmetic page changes
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.
01.27.23
Can we flex 💪 ? Do you still need a reason to grab shares?
We understand that the current economy is difficult and that many companies are struggling to find investments. That's why Boaz Bikes is here to offer an exciting investment opportunity.
We are using Artificial Intelligence to solve major problems within communities, having had over 200,000 rides with zero reported accidents. Our per-ride revenue is three times that of our competitors while not drastically increasing the cost. Imagine a city where one company can provide a multitude of innovative solutions, such as strategically placing vehicles based on end ride location and predicted revenue, having scooters pre-sanitized and inspected and delivered on demand, weekly leases, and affordable shuttle services.
At Boaz, we are more than a scooter company. We are building smarter cities and giving people the freedom to move around without restriction. Our technology is being developed and perfected, and we are ready to launch our first three phases in three Arizona markets next month, Detroit in May and LA by June.
By investing in Boaz Bikes, you will contribute to this revolutionary process and join us as we make history. Don't miss this opportunity to get on board!
01.24.23
Over 250 people on the waitilist! 😱🤯
We are thrilled to provide an update to our investors and followers about the remarkable growth of Boaz. For the last three years, we have been pushing to develop an eco-system that allows markets to benefit from shared resources, and our research and development have paid off. Our dockless per-minute rentals have already been a major success in the markets they are deployed in, while our on-demand pilot program in Dallas was a huge success. Our weekly subscription rentals have achieved massive support, just over the last two weeks.
Now, we are taking the next steps to introduce all four legs of our eco-system into one market. Utilizing our proprietary IRIS technology to track and manage, we are on the cusp of creating a seamless scooter rental experience. Already, over 250 people have joined the waitlist to be a weekly subscriber and take a vehicle home in our Arizona markets- a clear indication that customers appreciate our services and our ability to solve their pain points, generate revenue, and build a loyal customer base that can't easily be replicated.
With proper funding we will be able to roll our eco-system out to all markets by the summer! Invest Today!
01.23.23
New Study Shows E-Scooter Market is growing 6x Over The Next 3-Years
Latest micromobility study shows the global industry is growing to $260 Bn by 2025. Study also revealed that the shared e-scooter business is growing from just $1 Billion today to over $6 Bn in the next 3 years. The global scooter market is expected to grow to $90B by 2030.
Dr. Benedikt Kloss, Associate Partner and member of the McKinsey Center for Future Mobility (MCFM) at McKinsey & Company, said, “The evolution from a market generating around $1 billion in 2019 up to a projected $90 billion in 2030 globally makes it a very interesting space for both new players to enter and existing players to pursue and foster.”
Did you miss the last webinar? Watch it Here as our CEO Emil Nnani dives into how Boaz is different and how Boaz has set itself apart from all other micromobility companies.
Bird Scooters is a perfect example that first to market always doesn't mean best to market. 2023 & 2024 are the golden years, the companies that can thrive over the next 18 months I believe will be the new leaders in this space- Emil Nnani, CEO
01.18.23
Live webinar tonight at 8pm CST only a few seats left
Still on the fence? Need a reason to invest in Boaz before the round closes? Join us in a couple of hours for our live 30 min webinar with live Q&A from our CEO Emil Nnani!! Register for the event right now--> link.boazbikes.com/eightpm
Stack Owner's Bonus & Rewards!
Members get an extra 10% shares in addition to rewards below!
REWARDS
$248
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.
$500
Tier 1 | $500
Invest $500 and receive a $50 credit off future rides
$1,000
Tier 2 | $1,000
Invest $1,000 and receive Tier 1+ a free Boaz branded investor t-shirt.
$5,000
Tier 3 | $5,000
Invest $5,000 and receive Tier 2 + free rides all year.
$10,000
Tier 4 | $10,000
Invest $10,000 and receive Tier 3 + virtual meet and greet with the entire team & tour of our facility.
$20,000
Tier 5 | $20,000
Invest $20,000 and receive Tier 4 + a free scooter.
JOIN THE DISCUSSION
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HOW INVESTING WORKS
Cancel anytime before 48 hours before a rolling close or the offering end date.
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