Late filer Velo Labs disclosed being in the market to raise $800,000 via debt issuance. Apparently 12% or $95,000 has already been subscribed by three investors. The non-brokered placement started a few months ago. An additional $705,000 in funding is to be raised until the offering draws to a close in February 2015. This is the first debt financing done by the company under a registration exemption.
The company is developing a wireless-enabled and solar-powered bike lock called skylock. The lock paired with a smartphone application (app) offers remote access, monitoring as well as emergency reporting features to increase bikers’ safety and their prized possession’s security. The company is planning on using skylock to develop the next generation bike share platform and enterprise fleet cloud-based solution.
Jack Al-Kahwati (CEO) leads the San Francisco CA based company which was registered in 2013. Velo Labs kept its revenues undisclosed.
The executive team includes Daniel O’connor and Gerardo Barroeta.
Status: First close
Company: Velo Labs
Amount offered: $800,000
Amount placed: $95,000
First sale: 02-13-2014
Data as of: 05-15-2014