VEER offering is now closed and is no longer accepting investments.
INVEST IN VEER TODAY!
Bomb-proof carbon belt drivetrains
$914,079.12 Raised
REASONS TO INVEST
Large, growing market: Veer is expanding into the Light Electric Vehicle Market with the electric bike market valued at $23 billion in 2020 alone.
Impressive sales: Veer Cycle saw more than $100,000 in sales in 2020.
Valuable mission: The Split Belt is designed to enhance light electric vehicle usage for local transportation, contributing to cities’ efforts to go green and combat climate change.
The Split Belt™: A carbon fiber belt drivetrain alternative for light electric vehicles
When a mangled bike chain sent our Founder & CEO, Sean Hacking straight into the pavement in the middle of traffic, he decided to take matters into his own hands for everyone else who could be riding but are intimidated by the safety, reliability, and inconsistent performance.
The Split Belt carbon fiber drive by Veer is a next-gen drivetrain that boosts durability, performance, range, and affordability of bicycles and light electric vehicles like eBikes, eScooters, and eMotorcycles.
*Images above are computer generated demo versions.
We want to replace dated chain drives for light electric vehicles - with the goal to provide a better drive solution to increase ridership as urban transportation evolves to go more electric.
We outperform the traditional bike chain in durability, simplicity, and safety—which we believe is why we’ve already shipped 1,000 belts in the last two years and won an award at the world’s largest bike trade show, Eurobike, for our Split Belt design.
*The above information is based on internal research and management's experience.
We believe we have mastered regular pedal bikes and we are ready to take over the electric motor vehicles sector.
The Problem
Transportation of the future shouldn’t rely on technology from the past
We believe most electric scooters, electric motorcycles, and other forms of light electric vehicles still use the same outdated metal chain drives that were designed for manual bikes 140 years ago.
Chain drives are mechanically efficient and cheaper in upfront cost, but they are difficult to maintain and can become more expensive in the long run due to maintenance and upkeep. Poorly cared-for chains have the potential to fail mid-ride, posing a huge danger to riders.
Many light electric vehicles also do not have a method to change gears, causing the electric drive system to have trouble operating at the most efficient speed, limiting range and performance.
The Solution
A replacement for that rusty old bike chain
Our technology is bringing drivetrains for bicycles and light electric vehicles up to speed for the modern rider. Our toothed carbon fiber Split Belt is as strong as a chain, yet far more efficient—meaning less maintenance with fewer service costs and less time spent tinkering with shoddy old chains.
Split Belt adds efficient shifting capabilities to single-speed drives seamlessly, giving the motor better performance over a range of speeds.
*Images are computer generated demo versions.
This means motors and batteries can be smaller, cheaper, and lighter, which reduces production costs.
With no metal-on-metal contact, our belt never needs cleaning or lubrication either.
Split Belt is also super versatile: It “drops in” to existing bike designs with the ability to be adapted to many different light electric vehicles and form factors.
*Images are computer generated demo versions.
The Market
Small electric vehicles will ride on traction built during the pandemic
By 2027, the worldwide bicycle market is anticipated to grow to $147.24 billion. In 2020, the electric bike market was valued at $23.89 billion with an expected CAGR of 11.84% through 2026, and the eBike drive market specifically was valued at $6.19 billion. The electric scooter market was estimated at $18.6 billion in 2019, and the electric motorcycle market is slated to reach $40 billion by 2026. In 2020 alone, the eBike market saw a 144% increase year over year in sales, an increase in cycling interest-driven in part by the pandemic—changes that are anticipated to stick.
Our target market size is $120M per year, putting our target volume at 700,000 drives per year.
*Images are computer generated demo versions.
Our Traction
Consumers are happy to adopt the Split Belt
Since our inception in 2019, we have seen year-over-year growth of 200%, having shipped more than 1,000 drive units to date. Overall, we’ve seen $141K+ in 2019/2020 gross sales, with $100K+ in 2020 alone. Our returning customer rate for our online store is 30%.
At this time, we have also several national and international production partners, three international distributors, and 50 retail dealers, including Just Pedal, Spokesman bicycles, Rob’s bike center, Hartsburg Cycle Depot.
What We Do
We’ve created a product that carefully considers the needs of manufacturers and riders alike
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*Images above are computer generated demo versions.
The Split Belt is a bomb-proof carbon belt system that runs on metal sprockets to transfer power from the rider and/or motor to the wheel, increasing efficiency and decreasing hassle compared with traditional chain drives.
The unique split link in the belt allows for complete design freedom for the manufacturer.
The Split Belt is super adaptable, as well, with a joint in the circular belt that allows it to be threaded through frame cavities and made in any length.
The Business Model
Peddling our product through multiple distribution channels
We aim to be the go-to drive solution for manufacturers who are looking to improve performance and reliability—but also want a turnkey solution that works with their existing designs.
In the future we plan to have OEM be our primary channel at around 50%, followed by distributor sales at ~30%.
We’re targeting the mid to high end (for quality) of the light electric vehicles market while we work to lower costs while maintaining value proposition. Reducing production costs by 40-50% will be key to making our Split Belt fully mass-market.
How We Are Different
Our designs are adaptable and cater to the entire market
Our main competitor for durable drives pushes manufacturers to adapt their existing designs to work with their belt drives. We believe this gives us a considerable advantage; our Split Belt can be put on almost any design, with no adaptation necessary.
gif
*Images above are computer generated demo versions.
There are also other companies that create geared hubs and chain products, however, they don’t offer the durable, low-maintenance drive systems that compare to ours.
*The above information is based on internal research and management's experience.
The Vision
We intend to be THE drive supplier for the mid- to high-end market
We plan on transitioning to mostly OEM sales and to expand our operations in North America, Europe, Asia, and Australia.
In 5 years, we expect to have built a complete line of geared and fully modular belt drive systems paired with motor systems. These will be used on an array of bikes and other vehicles, including electric cargo bikes and light delivery “trucks”.
We hope to become the go-to drive supplier for mid-to-high-end eBikes and eScooters, especially in high-usage applications like shared fleets and rentals. This will reduce maintenance costs and vehicle downtime, as well as reduce waste and vehicle scrapping.
Our ultimate vision is to usher in more businesses like these to help cities curtail local car travel and combat climate change.
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OUR LEADERSHIP
With an eye toward the future and a focus on company culture, Veer is a team that gets things done
Sean Hacking, Founder, and CEO
Lifelong cyclist and builder with a strong technical background built his first electric vehicle at 17
Previously: Mechanical engineer and bioengineer at Cambrian Genomics and 10X Genomics, designing chemical production processes and liquid-handling robots
Kelly Burr, COO
37 years cycling industry experience in product development, sales, and operations with a deep base of industry knowledge and contacts
Previously: Lead Marin Bikes to sales upwards of $60M as VP of Operations and VP of Product
Theron Hawly, Lead Product Designer
B.S. mechanical engineering, Masters in product design
Previously: Designed 3D printers and liquid handling robots
Katrina Mounivong, Business Manager
B.S. Biochemistry and business management
Previously: Operations experience from the restaurant industry
Why Invest
Veer is advancing the future of local transportation
We’re doing more than just selling a great product.
Our carbon fiber transmissions boost the durability, performance, range, and affordability of light electric vehicles such as eBikes, eScooters, and eMotorcycles, thereby making these modes of transportation both more accessible and more desirable.
We can’t think of a better way to increase ridership and help cities to move on from cars than to make people actually want to choose another way.
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ABOUT
HEADQUARTERS
46 Digital Dr., STE. 2
Novato, CA 94949
VALUATION
$7.54M
Veer designs carbon fiber drivetrains to replace dated chain drives for light electric vehicles - with the goal to provide a better drive solution as urban transportation evolves to go more electric. Their 2020 sales surpassed $100,000 in the growing eBike and eScooter markets ($23 billion and $18.6 billion, respectively).
TEAM
Sean Hacking
CEO/Founder
Theron Hawley
Lead Product Designer
Kelly Burr
COO
Daniel Hacking
Director/Engineering Consultant
Katrina Mounivong
Business Manager
TERMS
VEER
Overview
PRICE PER SHARE
$0.64
DEADLINE
Apr 20, 2022
VALUATION
$7.54M
AMOUNT RAISED
$914,079.12
Breakdown
MIN INVESTMENT
$298.88
MAX INVESTMENT
$106,999.68
MIN NUMBER OF SHARES OFFERED
15,625
OFFERING TYPE
Equity
ASSET TYPE
COMMON
SHARES OFFERED
Non-Voting Common Stock
MAX NUMBER OF SHARES OFFERED
1,671,875
Maximum Number of Shares Offered subject to adjustment for bonus shares
Company | : | Hacking Labs |
Corporate Address | : | 46 Digital Dr., STE. 2, Novato, CA 94949 |
Offering Minimum | : | $10,000.00 |
Offering Maximum | : | $1,070,000.00 |
Minimum Investment Amount(per investor) | : | $298.88 |
Terms
Offering Type | : | Equity |
Security Name | : | Non-Voting Common Stock |
Minimum Number of Shares Offered | : | 15,625 |
Maximum Number of Shares Offered | : | 1,671,875 |
Price per Share | : | $0.64 |
Pre-Money Valuation | : | $7,542,400.00 |
*Maximum Number of Shares Offered subject to adjustment for bonus shares. See Bonus info below.
Company Perks*
Time-Based:
Friends and Family Early Birds
Invest within the first 48 hours and receive additional 20% bonus shares
Super Early Bird Bonus
Invest within the first week and receive additional 15% bonus shares
Early Bird Bonus
Invest within the first two weeks and receive an additional 10% bonus shares
Amount-Based:
$500+ You Rock! Level Up
30% discount on an order, shirt, stickers
$1,000+ We Love You? Level Up
2% bonus shares, 30% discount on an order, shirt, remote control electric motorcycle
$2,500+ Riders LevelUp
5% bonus shares, 30% discount on an order, shirt, remote control electric motorcycle
$5,000+ Owners Level Up
10% bonus shares, lifetime 30% discount on orders, shirt, underwear, remote control electric motorcycle, glorious founder edition trophy
$10,000+ Founders Level Up
15% bonus shares, raffle ticket for 1 of 3 Custom Founder Edition electric bikes with Veer Split Belt, call or meeting with the founding team, first look at upcoming products in development, lifetime 30% discount on orders, shirt, underwear, remote control electric motorcycle, glorious founder edition trophy
*All perks occur when the offering is completed.
The 10% StartEngine Owners' Bonus
Hacking Labs 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 Non-Voting Common Stock at $0.64 share, you will receive and own 110 shares for $64. 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 only receive a single bonus, which will be the highest bonus rate they are eligible for.
ALL UPDATES
04.19.22
Veer Cruises Past $900K on StartEngine!
We’ve hit another milestone in these final hours!
It’s been an incredibly busy and successful year for us at Veer, and passing the $900K milestone is the cherry on top!
We couldn’t have done this without you, and our team can’t begin to show enough thanks to the investor community that has supported us up until this point!
We still have the exciting raise goal of $1.07M and are hoping to get to that finish line!
Time is running out to join our community of early shareholders! To invest simply visit our StartEngine raise page and invest for as little as $298.88.
If you have already done so, there is no better time to re-invest and invite your friends, family, and network to join you!
Once again, thank you for your continued support. The Veer team is looking forward to closing out this campaign strong.
Warmly,
Sean Hacking
CEO
Veer
#chainlessispainless 🚲
04.19.22
Check out Sean’s Interview on Benzinga covering industry trends, small investor pitfalls, and problems in micromobility!
Hello Veer Community,
I recently had the opportunity to speak with Benzinga!
In this interview I talk about major industry trends we’ve been seeing these past few years, the most common pitfalls small investors fall into, and the largest unseen problems in mobility.
If you want some industry insight and to hear about what we’ve learned being so deeply involved with light electric vehicles, you should check out the whole interview here.
If you’ve been on the fence about committing your investment, I suggest you take advantage of today's last opportunity to invest in Veer and be part of our future success.
Also, if you've already invested in Veer, tell your friends and colleagues about it so they can join the team!
How long are you going to wait?! This is your last chance!
Check out our StartEngine crowdfunding site now, because you may invest as little as $298.88!
Warmly,
Sean Hacking
CEO
Veer
#chainlessispainless 🚲
04.19.22
This is Your Last Chance
Veer Community,
We don't want you to miss out on the last stages of our equity crowdfunding campaign. We owe a sense of gratitude to everyone who has led to the development of Veer.
We couldn't be happier with the results of our campaign thanks to your hard work!
But we're not done yet, like any startup!
Do not miss out on this fantastic investment opportunity.
You should take advantage of the last opportunity to invest in Veer and be
part of our future success.
Also, if you've already invested in Veer, tell your friends and colleagues about it so they can join the team!
How long are you going to wait?! Today is the last stage of Veer's campaign!
Check out our StartEngine crowdfunding site now, because you may invest as little as $298.88!
Warmly,
Sean Hacking
CEO
Veer
#chainlessispainless 🚲
04.19.22
Last Chance Q&A Webinar Recap!
Hello!
Our equity crowdfunding raise has been nothing short of a productive, and motivating journey. The end of our equity crowdfunding raise is quickly approaching, and we’d love for you to join the Veer Community!
Founder Sean Hacking recently hosted our last chance Q&A + campaign overview webinar. We don’t want you to miss out on this revolutionizing investment opportunity!
Which is why we gave one last overview of the beginning of our campaign, where we are currently, and where we plan on going.
In case you missed it, we highly recommend watching. This is your last chance to own a piece of our carbon fiber drivetrains that will combat climate change and contribute to cities' efforts to go green!
You can find the webinar here.
Invest on StartEngine Today Before It's Too Late!
The Veer team is looking to capitalize on an expanding eBike, eScooter, and micro-mobility market on StartEngine. Our goal is to provide a better drive solution as urban transportation evolves to go more electric!
Warmly,
Sean Hacking
CEO
Veer
#chainlessispainless
04.14.22
Time is Running Out ⏰
Veer Community,
With our equity crowdfunding campaign coming to an end, we wanted to take a moment and thank all of you who have supported us in making Veer what it is today.
This journey has exceeded all of our expectations - thanks to you!
We've had an amazing turnout throughout the course of our raise, but as with any startup, we're not out of the woods yet.
You don’t want to miss this incredible investment opportunity. TIME IS RUNNING OUT!!
So, if you haven't already, now is a great time to invest in Veer and help us continue to make this thing happen.
And if you have already invested in Veer, well then spread the word and get your network on board too!
What are you waiting for?!
Head over to our StartEngine raise page and invest for as little as $298.88 while time permits!
Warmly,
Sean Hacking
04.13.22
Our carbon fiber belt is getting a lot of buzz! 🚲
Veer Community,
We’ve been featured on another Benzinga article! Check out a summary below and some key points. Be sure to check out the full article.
With a population of more than 39 million people and a population growth rate of 6%, California has dealt with a serious congestion problem for decades.
California passed the Road Repair and Accountability Act of 2017 (SB 1) allocating $54 billion over 10 years to decrease congestion and improve California’s transit system.
That includes $1 billion to fund the Active Transportation Program that will go toward adding new bicycle and pedestrian lanes, expanding and improving the safety of existing lanes, and funding micro-mobility initiatives that make nonmotorized transportation more accessible and more attractive to Californians. This isn’t just happening in California, cities around the world, like Paris, Berlin, and Seattle, are also investing in micro-mobility infrastructure.
In 2019 alone, 136 million shared micro-mobility trips replaced as much as 45% of car trips.
With the growing trend of permit-based programs, cities are able to generate revenue from application fees, permit fees and other charges to the companies that want to add their fleets to the city — making this not only more affordable than highway expansions but also a means of raising money that can be invested into further adapting cities to be more bike, scooter, and pedestrian-friendly. In Los Angeles, the largest dockless mobility program in the country was launched that same year. About 37,000 ebikes and scooters were released into the city. Because they don’t need to be docked at any particular station, residents can simply pick up an ebike or escooter whenever they need and park it wherever when they’re finished with it. This dockless system makes it more convenient and more flexible as users don’t need to search for a docking station near their destination.
The Split Belt from Veer, is a widely compatible carbon fiber belt drive that offers a smoother, safer, more durable alternative to the metal drive chains that are the current standard.
Veer, not only could it sell its proprietary Split Belt to manufacturers as they accommodate California’s growing market by scaling production and looking for longer lasting alternatives to metal drive chains, the company can also sell directly to consumers. Those consumers, who may now qualify for California’s SB 400 voucher program, can use state grant money to customize their new electric bikes.
Click here to read the full article!
Warmly,
Sean Hacking
CEO
Veer
#chainlessispainless 🚲
04.13.22
Veer Pushes Past $8000K in Investments!
Veer Community,
We’ve hit another milestone!
It’s been an incredibly busy and successful year for us at Veer, and we’re happy to share that we’ve raised over $800K in investments via our equity crowdfunding campaign on StartEngine.
We couldn’t have done this without you, and our team can’t begin to show enough thanks to the investor community that has supported us up until this point!
Our campaign is closing soon and as you may know, we have an exciting raise goal of $1.07M!
Can we count on you to help us reach that?
Time is running out to join our community of early shareholders! To invest simply visit our StartEngine raise page and invest for as little as $298.88.
If you have already done so, there is no better time to re-invest and invite your friends, family, and network to join you!
Once again, thank you for your continued support. The Veer team is looking forward to crossing the finish line with you.
Warmly,
Sean Hacking
CEO
Veer
#chainlessispainless
04.08.22
Read Our Most Recent Benzinga Feature!
Veer Community,
We’ve been featured on Benzinga! Check out a summary and key points of the article below. Be sure to check out the full article!
The Micro-Mobility Surge Across California
Since the passage of SB 1 in 2017, California representatives have debated how best to spend that $54 billion. While some want to add new lanes to freeways and otherwise invest in expanding car capacity on California roads and highways, a growing number of representatives and advocacy groups are pointing toward the flaws in that thinking. Namely, the phenomenon of induced demand means that adding lanes might only worsen congestion, possibly making it an ineffective approach to combating traffic in the state.
Meanwhile, in 2019 alone, 136 million shared micro-mobility trips replaced as much as 45% of car trips. Not to mention, with the growing trend of permit-based programs, cities are able to generate revenue from application fees, permit fees and other charges to the companies that want to add their fleets to the city — making this not only more affordable than highway expansions but also a means of raising money that can be invested into further adapting cities to be more bike, scooter, and pedestrian-friendly.
Pilot Programs See Success
In Santa Monica, 2,500 light EVs logged 2.7 million trips, with 49% of those trips replacing trips that would have otherwise been made by car.
In San Francisco, 1,250 scooters logged more than 240,000 trips in 5 months, replacing an estimated 40% of car trips. The Bay Area also has plans to expand its ebike fleet to 14,200 over the next few years.
In Oakland, a successful adaptive bike-share program made the city one of the first to expand access to shared micro-mobility fleets to people with disabilities.
Veer Split Belt
The Split Belt from Veer, is a widely compatible carbon fiber belt drive that offers a smoother, safer, more durable alternative to the metal drive chains that are the current standard. Bike-sharing fleets see a lifetime of usage in 6 months vs the 2 years the average bike would see. This means the need for more durable components, like Veer’s belt drive, will be a necessity with the changing mobility efforts.
According to Veer, not only could it sell its proprietary Split Belt to manufacturers as they accommodate California’s growing market by scaling production and looking for longer lasting alternatives to metal drive chains, the company can also sell directly to consumers. Those consumers, who may now qualify for California’s SB 400 voucher program, can use state grant money to customize their new electric bikes.
Click here to read the full article on us!
Warmly,
Sean Hacking
CEO
Veer
#chainlessispainless 🚲
04.06.22
Less Than One Week to RSVP!
Veer Community,
The clock is ticking…
Don’t miss this invitation to join Veer’s executive team for our final webinar!
There is less than one week left to register for this opportunity to get those last minute questions answered and learn more about our campaign's progress on StartEngine before it comes to an end shortly.
Sign up today, and join us on Wednesday, April 13th, 2022 at 11:30 AM PST!
On behalf of the Veer team, we'd like to thank you for your support so far, and we're looking forward to seeing you all in virtual attendance.
If you haven’t already done so, be sure to visit our raise page and join our community of 760+ early investors before our campaign ends!
Warmly,
Sean Hacking
CEO
Veer
#chainlessispainless 🚲
04.05.22
Veer’s Campaign Is Coming to a Finish.
Veer Community,
With our equity crowdfunding campaign coming to an end, we wanted to take a moment and thank all of you who have supported us in making Veer what it is today.
This journey has exceeded all of our expectations - thanks to you!
We've had an amazing turnout throughout the course of our raise, but as with any startup, we're not out of the woods yet.
You don’t want to miss this incredible investment opportunity!
So, if you haven't already, now is a great time to invest in Veer and help us continue to make this thing happen.
And if you have already invested in Veer, well then spread the word and get your network on board too!
What are you waiting for?!
Head over to our StartEngine raise page and invest for as little as $298.88 while time permits!
Warmly,
Sean Hacking
CEO
Veer
#chainlessispainless 🚲
REWARDS
$298.00
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.
$500.00
You Rock Level Up
30% discount on an order, shirt, stickers.
$1,000.00
We Love You? Level Up
2% bonus shares, 30% discount on an order, shirt, remote control electric motorcycle.
$2,500.00
Riders LevelUp
5% bonus shares, 30% discount on an order, shirt, remote control electric motorcycle.
$5,000.00
Owners Level Up
10% bonus shares, lifetime 30% discount on orders, shirt, underwear, remote control electric motorcycle, glorious founder edition trophy.
$10,000.00
Founders Level Up
15% bonus shares, 1 raffle ticket for 1of3 Custom Founder Edition eBikes w/ Veer Split Belt, meet w/founding team, 1st look at products in dev, lifetime 30% discount on orders, shirt, underwear, remote control eMotorcycle, founder edition trophy.
JOIN THE DISCUSSION
0/2500
HOW INVESTING WORKS
Cancel anytime before 48 hours before a rolling close or the offering end date.
WHY STARTENGINE?
REWARDS
We want you to succeed and get the most out of your money by offering rewards and memberships!
SECURE
Your info is your info. We take pride in keeping it that way!
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With Regulation A+, a non-accredited investor can only invest a maximum of 10% of their annual income or 10% of their net worth per year, whichever is greater. There are no restrictions for accredited investors.
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