Boomerang Bike (Equity)
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
Funding Amount
$38,000,000
Company Info
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
Market
Bike Theft Prevention
Location
Sunnyvale, CA, US
Coinvestors
Netgear, Dr. Ronjon Nag R42 Group
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.

Links
Website
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