BayCycle disclosed hitting the market to raise $600,000 via debt issuance. $10,000 has already been subscribed by one financial backer. The non-brokered placement started on March 5th. An additional $590,000 in funding is to be raised until the offering draws to a close in March 2015. This is the first debt financing done by the company under a registration exemption. The company launched a campaign on indiegogo which raised $5,000 to promote water biking through events, group rides and possibly competitions.
The company is developing a kit to turn road bikes into water bikes. The kit will be a modern, easy-to-use, compact system that works universally with any of the one billion bikes on the planet to enable riding on the water. The kit will enable users to fix a bicycle atop a raft geared to convert pedaling into power.
Judah Schiller (CEO and President) leads the San Francisco CA based company which was registered in 2013. Revenues were not reported.
Status: First close
Industry: Other Technology
Amount offered: $600,000
Amount placed: $10,000
First sale: 03-05-2014
Data as of: 03-19-2014