CycleBoard Offers Equity Opportunity in Crowdfunding Campaign

By James White | Tuesday, 23 March 2021 | Startup, Tech, Finance

As startup companies and businesses like Lime, Bird, and Uber continue to push the rideshare aspect of the micromobility industry forward with fleets of electric vehicles (EVs), startup company CycleBoard aims to target those looking to purchase their own personal micro EV. The EV startup business recently announced the launch of a StartEngine equity crowdfunding campaign for its company.

“Our products and technology offer the right combination of stability, function, and fun that consumers are after,” said Phil LaBonty, CEO and founder of CycleBoard. “That's why we're so excited to offer this equity investment campaign opportunity."

So far, the Cycleboard campaign has generated $95,868 for the EV startup company. Shares in the startup business are currently going for $7.27 per share, with 125 investors currently participating. Minimum investments in CycleBoard start at $290.80 for investors looking to grab a piece of the micromobility market and EV business.

Three-wheel electric scooters from CycleBoard

Micromobility EV With Stability

Phil LaBonty founded the CycleBoard business in 2015 while searching for a personal EV that provided sufficient stability for himself and his family members. In order to create a safe, environmentally responsible, and fun EV, he created the CycleBoard, which looks like a cross between a skateboard and an electric scooter. The EV features a folding handlebar for compact transport and a three-wheel design, which offers greater stability for riders.

The startup offers several models of the CycleBoard, suitable for street settings as well as off-round trail adventures. The street series developed by the EV startup company can reach speeds of up to 25 miles per hour, scaling hills with 20% inclines, and traveling up to 20 miles on a single charge. The offroad version from the business reaches 27 mph, scales 30% inclines, and tops out at a 40-mile range. All of the electric vehicles utilize a “lean-to-steer” system, similar to the method of turning on a traditional skateboard.

The startup business is targeting consumers who are looking for a sturdy micromobility EV not only for fun rides but for daily commutes. The sturdy handlebar supports up to 75 lbs, as well as accessories like baskets for cargo such as groceries or food deliveries.

A Rapidly Growing Micromobility Market

The rapid growth of micromobility vehicles comes as no surprise as consumers attempt to reduce their carbon footprints and avoid congested city streets. Companies like Uber have already expanded their offerings to meet the rising demand with electric scooters, and CycleBoard’s startup company is seeking to cash in as well. Market research projects the global electric scooter market to reach $41.98 billion by 2030.

About the Author

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James White is a Michigan State University graduate with a BS in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.

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