After crossing the Hudson River, BayCycle launches a $600,000 debt offering


baycycleBayCycle 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.

Offering recap
Status: First close
Company: BayCycle
Industry: Other Technology
Amount offered: $600,000
Amount placed: $10,000
First sale: 03-05-2014
Data as of: 03-19-2014

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