Funding Details
- Awarder
- StartEngine
- Date Award
- June 13, 2024
- Vertical
- IoT Security
- Funding URL
- View Funding Page
- Premoney Valuation
-
$15,780,000
- Valuation
-
$15,780,000
Company Info
- Founding Year
- Not provided in the memo
- Traction
- Boomerang Bike has 3,000 customers paying a monthly subscription fee of $3.90 each. They have achieved a revenue of $104,000 in 2019, $192,000 in 2020, and $133,000 YTD in 2021. The company aims to grow its customer base to 5,000 by the end of the year.
- Revenue Amount
-
$30,000,000
- Organizations Involved
- Netgear, Dr. Ronjon Nag R42 Group
- Founders
- Kevin Fahrner, Dr. Ronjon Nag
- Company Description
- Boomerang Bike specializes in developing GPS bike security systems based on IoT technology to prevent bike theft. Their flagship product, the Boomerang CycloTrac, is a portable tracker equipped with a motion-sensing alarm and GPS technology to ensure the safety of bikes. The company focuses on providing a solution to the common problem of bike theft in cities worldwide.
- Market
- Bike Theft Prevention
- Location
-
Sunnyvale,
CA,
US
- Coinvestors
- Netgear, Dr. Ronjon Nag R42 Group
Links