VEER
Bomb-proof carbon belt drivetrains
Novato, CA
Consumer Products
Transportation
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).
$581,108
raised
657
Investors
$7.54M
Valuation
$0.64
Price per Share
$298.88
Min. Investment
Common
Shares Offered
Equity
Offering Type
$1.07M
Offering Max
17
Days Left
Rewards
Get rewarded for investing more into VEER:
$298+
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.
$1,000+
Investment
We Love You? Level Up
2% bonus shares, 30% discount on an order, shirt, remote control electric motorcycle.
$2,500+
Investment
Riders LevelUp
5% bonus shares, 30% discount on an order, shirt, remote control electric motorcycle.
$5,000+
Investment
Owners Level Up
10% bonus shares, lifetime 30% discount on orders, shirt, underwear, remote control electric motorcycle, glorious founder edition trophy.
$10,000+
Investment
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.
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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Quick Insert
Offering Summary
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.
The Company will not incur any irregular use of proceeds.
Show More
Most recent fiscal year-end:
Prior fiscal year-end:
Total Assets
$103,625.00
USD
$40,056.00
USD
Cash And Cash Equivalents
$64,234.00
USD
$3,552.00
USD
Accounts Receivable
$0.00
USD
$0.00
USD
Short Term Debt
$20,173.00
USD
$10,153.00
USD
Long Term Debt
$124,433.00
USD
$0.00
USD
Revenues And Sales
$107,664.12
USD
$33,665.00
USD
Costs Of Goods Sold
$54,045.00
USD
$9,678.00
USD
Taxes Paid
$0.00
USD
$0.00
USD
Net Income
-$130,884.00
USD
-$136,613.00
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
Split Belts™️ Are Out For Delivery! 📦
4 days ago
Veer Community,
We have some exciting news for you!
We’re currently sending out some orders to our brand partners out in Europe, and we wanted to share some photos with you.
This was one of multiple orders going out to a European brand partner, otherwise known as an OEM (Original Equipment Manufacturer), we brought on as a partner this year. They have put in multiple orders this year and have already given us their forecast and orders for next year.
This is a shipment composed of hundreds of units of our Split Belt Pro drivetrain and tensioner. Luckily, our components nest together very compactly so our shipments don't take very much room and we are able to save on shipping costs.
This is a great behind the scenes look at our operations to showcase that we are able to deliver on large orders, closing deals, and making moves. We are working day in and day out to make sure we stay on track!
At the moment, this is a tough environment to deliver hardware because of all of the supply chain constraints many industries are experiencing, but we were able to put in a lot of work and pull some strings to make sure we deliver to our partners on time.
For the business, this means large growth is happening as we take on large orders and scale our production. We are moving more securely into OEM sales being our primary sales channel.
This is our chosen growth path and the fastest way to scale the business and make an impact.
We can’t do this alone, and we need the support of our investor community!
Visit our raise and join our team of 640+ early shareholders today.
Warmly,
Sean Hacking
CEO
Veer
#chainlessispainless 🚲
Veer’s Mission to Create a Sustainable Future!
11 days agoVeer Community,
Today I want to talk a little more about Veer’s mission and vision.
While filling the market is important, we think one of the key things that’s really crucial for us is that we want to create value that doesn’t just go into profits for us and our investors, but also goes into helping solve the world’s problems and creating a more sustainable future.
By focusing on delivering an extraordinary product, it allows us to be more deliberate about the decisions we make along the way.
There are two things that are very important to our mission. One is allowing people to just get around in an affordable, safe, and convenient way. The other is the ability to do so in a way that’s healthy, sustainable, and creates a better impact on the planet.
We want to make the world a better place, and by enabling people to get around in a fun, adventurous way we can shift the collective mindset towards a new way of getting around. A more sustainable way of getting around.
We are looking at the problem and developing a product that is enabling the next billion people to adopt electric transportation.
At the end of the day, the products people sell need to be delightful to use or adoption will never happen.
We want our consumers to know that our product is enabling our partners to do what Tesla did for electric cars: electric cars that are more efficient, more fun, cleaner, and lower cost to operate than anything that came before it.
At Veer, we’re trying to do that through better components for the light electric segment. We believe we can assist in bringing the next billion people to transition, and it will have a huge impact on the way people live, make the air cleaner, and overall support better health for humans.
The faster we can get our product out there, the quicker it will become adopted and we can help with the transition away from gas powered vehicles and unlock all these positive benefits for society.
If you believe in our vision, we would love your support!
Join our community of over 640 early investors on StartEngine today.
Warmly,
Sean Hacking
CEO
Veer
#chainlessispainless 🚲
We’ve Been Featured! 🗣
16 days ago
Veer Community,
We have some exciting news, and we’re stoked to tell you about it!
Veer has been featured in Benzinga’s recent article ‘This Updated Take on the Bike Chain Wants to Make the Multibillion-Dollar Light e-Vehicle Market More Efficient and Affordable’.
Some key points covered in the article:
State of the light EV market
Barriers of entry for consumers
How Veer is solving these problems
Here’s a little preview for you:
“As cities work fast to add new cycle lanes and lower speed limits to accommodate the growing number of light EVs on urban streets, the global market for these more eco-friendly, efficient modes of transportation is poised to reach $644 billion by 2028, according to market analysts…. “A broken chain almost killed me riding into an intersection, causing me to crash in the middle of traffic. I never want someone to experience that. This is one of the reasons why I invented Split Belt” says Sean Hacking, founder and CEO of Veer.”
People are interested in Veer and this article details how our Split Belt™️ is going to make electric vehicle adoption more efficient and affordable!
Our equity crowdfunding campaign is far from over, and we need your help crossing the finish line!
Please consider reinvesting, and help us reach our goal.
Thank you for your continued support!
Warmly,
Sean Hacking
CEO
Veer
#chainlessispainless 🚲
Notice of Funds Disbursement
17 days ago[The following is an automated notice from the StartEngine team].
Hello!
As you might know, VEER 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 VEER 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
Top 5 Reasons to Invest in Veer! 🚲
23 days agoWe are solving the problem of bicycles and electric vehicles of all types by replacing outdated chain drives with our proprietary, lightweight, carbon fiber drivetrains.
Here are some of the reasons to invest in Veer’s mission today:
✔️ We are tapping into a multi-billion dollar industry.
✔️ Veer has various partnerships internationally.
✔️ We’ve experienced exponential growth.
✔️ We aim to improve healthy living and sustainability.
✔️ Our strong and experienced leadership team.
For more information, we encourage you to check out our recent investor article where we take a deeper dive into these topics!
I'm really excited for you to be part of this community and movement, and help us drive this industry forward.
Warmly,
Sean Hacking
CEO
Veer
#chainlessispainless 🚲
Distributor Spotlight: Rasant GmbH.
29 days ago
Veer Community, 👋
The European market is the fastest adopter of belt drives. Our Switzerland and Liechtenstein distributor Rasant GmbH helps us reach more of that market as a partner that truly understands their customers!
Split Belt is well suited for the winter cyclists of Switzerland and the larger adoption of e-bikes in general in Europe.
We met Geri, the owner of Rasant, at a Eurobike trade show in 2018 and he was
immediately intrigued by our technology! We eventually became
partners in 2021 after we expanded our product offerings and an extensive testing period by him personally.
We are excited to continue working with them and building our presence in the Swiss market!
Rasant GmbH's dealer network currently has 800 stores that allow us to be readily available and widespread in the area.
This business is built on enthusiasm for everything bike related/mountain
biking! You can visit their website here.
Warmly,
Sean Hacking
CEO
Veer
#chainlessispainless 🚲
Q3 Update Webinar with Founder Sean Hacking! 🎙
about 1 month agoVeer Community, 👋
We’ve been receiving a lot of questions in regards to updates from our third quarter.
I’m excited to announce that I recently had the chance to take a deeper dive and provide some insight to what’s been happening with Veer in a recent webinar!
If you didn’t make it to our discussion, don’t worry! You can still watch our webinar recap video or read our recent investor article, where we highlight important topics that were discussed.
If there is still anything left unanswered, we encourage you to head over to our website, or reach out to our team and we will get back to you as soon as possible.
We look forward to keeping you updated on our future milestones during the next quarter.
Warmly,
Sean Hacking
CEO
Veer
#chainlessispainless 🚲
Spotlighting our Distributor, Cosmic Sports! 🚲
about 1 month ago
Veer Community, 👋
Cosmic Sports has been around since 1997, and is a Germany based importer and distributor of premium bike brands.
Cosmic is deeply rooted in the bike scene and their leading influence in the European dealer market is unrivaled.
Their wide range of offerings include some big-name, market-leading brands of quality that you may have heard of:
Chris King
Crank Brothers
White Industries
E*thirteen
The partnership behind Cosmic Sports and Veer comes from CEO of Cosmic, Gerhard Shwarz, and COO of Veer, Kelly Burr, who have been friends and done business together for decades.
With Cosmic’s distribution expertise in Europe, and our innovative Split Belt™️ drive system, teaming up together was a no brainer.
Our dynamic partnership is geared for global success, and we’ve put ourselves in an amazing position to capitalize on rapidly expanding opportunities in Europe, the strongest belt drive market in the world.
We look forward to doing business with them for years to come, thank you Cosmic Sports!
Warmly,
Sean Hacking
CEO
Veer
#chainlessispainless 🚲
Veer Attends the 2021 Sea Otter Classic! 🚲
about 1 month agoVeer Community, 👋
The Veer team and I recently had the chance to attend the biggest cycling event in North America, the Sea Otter Classic.
This tradeshow show took place in Monterey, CA, and even held dozens of races that some of the Veer team has participated in!
We were able to put our Split Belt™️ to the test in one of the downhill mountain bike races in one of our first Sea Otter attendances. Since then, our team has been able to attend for work as well as leisure.
The turnout this year was smaller than past shows, but we were still able to network with a ton of brands and bring on one of our first electric motorcycle partners!
It was interesting being able to walk around and see what’s changed in the industry.
Due to the recent supply chain restraints there was less innovation than you usually see, but there are still a lot of awesome products to be on the lookout for.
This was a great opportunity for the Veer team to spend some quality time and see what’s been going on in the cycling world.
We look forward to attending next year!
Warmly,
Sean Hacking
CEO
Veer
#chainlessispainless 🚲
4 Reasons Why Our Belt Drive is Changing The Game
about 1 month ago
Veer Community, 👋
We’re on a mission to rejuvenate the cycling industry by redefining what’s possible with bike technology.
The Split Belt™ combines quality components with revolutionary technology to create new alternatives for urban transportation. Here are some of the groundbreaking features that help us execute it:
Ease of Mind - Our carbon fiber belts are ultra durable and can last at least 2X as long, and often 5X or more than your average chain.
Upgrade Almost Any Bike - Experience belt drive benefits on the bike you already own and love without the hassle of needing to split your frame!
Limitless Sizes - Belts can now be cut to any custom length, meaning no design constraints for manufacturers.
No Mess or Maintenance - With a belt drive there’s no need for chain lube, so you can say goodbye to greasy or wrinkled pant legs on your way to work.
For more updates and information on what sets us apart from the rest, check out our most recent blog!
Warmly,
Sean Hacking
CEO
Veer
#chainlessispainless 🚲
I hope you are enjoying Independence Day Celebrations! If that's your thing.
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