VEER

Bomb-proof carbon belt drivetrains

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).

$183,745

raised
206
Investors
$7.54M
Valuation
$0.64
Price per Share
$298.88
Min. Investment
Common
Shares Offered
Equity
Offering Type
$1.07M
Offering Max
Reg CF
Offering

$183,745

raised
206
Investors
$7.54M
Valuation
$0.64
Price per Share
$298.88
Min. Investment
Common
Shares Offered
Equity
Offering Type
$1.07M
Offering Max
Reg CF
Offering

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.
$500+
Investment
You Rock! Level Up
30% discount on an order, shirt, stickers.
$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.

gif

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.

gif

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

Final Prototyping on a Game-Changer

6 days ago

Hi! Mr Sean here. 

We crossed the $150k milestone and 170 investors yesterday! It's so amazing to see all this support. Thank you.

The early bird bonus deal is expiring soon, but it's not too late to get in on this much better deal. Check it out before there are no more bonuses!

As we move along in this raise, I wanted to start sharing more about our future products and roadmap. Although a lot of it seems abstracted in the video, I'd like to reassure you we are actually getting close to several exciting product launches, some of which will happen during this funding round.

I know this photo is a bit of a tease, but we want it to be a proper launch so I can't spill all the beans yet! But here I hold in my hand a pre-production prototype part of our shifting belt system. 

Its pretty. Its shiny. It's elegant in it's simplicity, and we've been working our butts off for the past year to get it in the hands of riders like you (it's close).

I can't wait to share more! But for now, feel free to dream about how we can revolutionize the future of electric transportation...together.

Best wishes and health to you all,

Sean



Wow, what a start!

12 days ago


Show More Updates End of Updates

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