This Micro-Mobility Company Is Valued At $35M – And Needs To Be On Your Radar

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Image Credit: Boaz Bikes

All around the world, residents in major cities are switching out cars and taxis for micromobility. Micromobility refers to vehicles like bikes and scooters ideal for short-distance travel.

Many experts see micromobility as a way to reduce car congestion and traffic within urban areas. Micromobility helps make more efficient use of parking spaces and public space. It’s also an environmentally sustainable alternative to traditional forms of transportation — scooters and bikes release fewer emissions.

The global micromobility market is expected to reach $9.8 billion in revenue by 2025. Bike-sharing in particular has recorded the highest revenue growth within the micromobility market in 2018.

North Carolina-born entrepreneur and Boaz Bikes CEO Emil Nnani and his team noticed this fast-growing segment and decided to blend innovation with practicality. They launched Boaz Bikes and have already been seeing 10% to 20% growth in month-over-month revenue for the last 8 months.

Nnani sees the proof of the industry’s pudding. “The average car ride within a downtown city is less than 15 minutes or 2 miles. Uber would cost about $8 while Boaz would cost roughly $3.25. We’ve developed a more cost-efficient and safer way to move people around.”

How Boaz Bikes is Revolutionizing Micromobility

Boaz Bikes is a black-owned startup that is going beyond what other micromobility companies are offering by prioritizing safety, convenience and accessibility. While competitors like Bird and Lime offer bikes, scooters and mopeds, these vehicles are geared toward younger, more athletic bodies and fail to accommodate everyone.

Boaz Bikes are different. Its scooters are built with safety and accessibility in mind. The company features a sit-down scooter seat that lowers your center of gravity and makes for a better ride. There’s also a built-in basket, making it easy to transport whatever you need.

How Boaz Bikes Works

Like most ride-share companies, Boaz Bikes is easy to use and entirely accessible from your smartphone. Simply download the Boaz Bikes app and you’ll be directed to the nearest bike. From there, unlock your ride by scanning the QR code and you’re on your way! Just don’t forget to put on your complimentary helmet.

Investing in Boaz Bikes

One of the major trends of the micromobility industry is the heavy investments that have poured in over recent years. To date, Boaz Bikes has raised over $1 million and is looking into its next expansionary phase.

Investments have come through crowdfunding efforts and venture capitalists (VC). One of the early lead investors in Boaz Bikes is a VC who also invested early in Lime.

As of now, Boaz Bikes holds 3 city permits and plans to operate in 10 cities by the end of 2021. In May 2021 alone, the Boaz Bikes Detroit fleet increased by 400% while profit per ride has increased by 283% between 2019 and 2021.

Boaz Bikes is currently holding its final crowdfunding phase. Learn more about investing in Boaz Bikes here.

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© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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