Drive Power LLC successfully placed 19% of its $750,000 non-brokered equity offering with three investors as part of a funding agreement signed last month. The company expects to raise an additional $609,000 to close the offering within a year. The company has raised an estimated $1.25 million in equity and convertible notes thus far.
Drive Power developed a mobile and web application (app) for monitoring safe driving behavior called “DriveScribe”. The app combines a smartphone-based, real-time driver coaching experience with a point-based rewards engagement program. The core technology can be applied for promotion of both safe and efficient driving practice, consumer and commercial usage based insurance (UBI) program, data input to actuarial pricing model, and “big data” applications, including location-based mobile marketing and digital map enhancement. The company offers a white-label version called DriveScribe Pro.
The company, headquartered in St. Paul MN, was founded in 2011 and is led by Michael Moen (President and Chief Executive Officer). The board of directors includes Chris Haller, David Kristal, Paul Perleberg, Michael Snow and Will England.
Status: First close
Company: Drive Power LLC
Industry: Other Technology
Amount offered: 750,000
Amount placed: 141,000