Beno

A Futuristic Electric Bicycle

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Company Information

Website:

https://www.beno.io

Sector:

Transportation Services

Location:

New Castle, DE

Beno is pioneering the next generation of electric bicycles.

Its first bike is called Reevo — a hubless bike that is aesthetically unique and integrated with futuristic technology. Notable features include autonomous LED headlights, a detachable battery, adaptive pedal assist, and a triple-barrier security system with biometric access, electronic locking, and GPS tracking.

InceptiveMind, a media company, said of this company’s bike, “No spokes, no transparent center, no gimmicks, just pure engineering excellence.”

Beno has 10 patents pending for its bike. And it’s received $5.5 million worth of pre-orders in the past nine months. Now the company is “gearing” up for delivery and to introduce its bike to the market.

The electric bicycle, or e-bike, market is soaring. It’s already valued at $38 billion, and is expected to reach $68 billion by 2026.

Between January 2020 and October 2020, $490 million worth of e-bikes were sold in just the U.S. That’s a 144% increase over the same time period in 2019. And according to a forecast from professional services company Deloitte, the number of e-bikes in circulation worldwide should reach 300 million by 2023.

This market explosion has captured the attention of professional investors. For example, European venture capitalists poured $165 million into e-bike companies in 2019 and 2020, more than the previous four years combined, according to research firm Pitchbook.

In February 2021, Rad Power Bikes raised $150 million from investors including Morgan Stanley’s mutual fund, Fidelity Management, and Vulcan Capital. That same month, Super73, a California-based e-bike company, raised $20 million in a round led by Volition Capital, a prominent VC.

Even the U.S. government is getting on board with the e-bike trend. In July 2021, the Electric Bicycle Incentive Kickstart for the Environment, or “E-Bike” Act, was introduced in the U.S. Senate. This legislation aims to make e-bikes more affordable, offering a refundable tax credit for 30% of the cost of a qualified electric bike.

Admittedly, cost is one of the barriers holding this industry back. Some bikes can cost as much as $10,000, making it financially unavailable for many would-be riders.

Beno’s bike, in contrast, retails for less than $3,400, well below its competitors. It’s also one of the only bikes that places a premium on security, another issue that e-bike companies and riders face.

More than two million bikes are stolen each year in North America. And more than 97% are never recovered. Traditional bike chain locks are often used as a theft deterrent. But these are bulky, heavy, and easy to tamper with.

As mentioned, Beno’s Reevo bike has advanced security features, including biometric access, electronic locking, and GPS tracking with theft detection. This means riders can take comfort in knowing that their bike is safe and secure at all times.

Beno is building a network of regional distributors to scale its business. It’s had more than 200 distributor enquiries and more than 3,000 bikes have been committed to by distributors for Q1/Q2 2022.

With funds raised, Beno will add more distributors to its network and create recurring revenue through the launch of a battery subscription service. It will also expand its R&D team to explore building electric motorcycles equipped with its patent-pending technologies.

Team Background

Alec Lim - Chief Executive Officer

Prior to starting Beno, Alec spent three years with Keysight Technologies, an electronics manufacturing company with a $33 billion market cap. While there, he served as a manufacturing engineer, robotics lead, and a research & development specialist.

Earlier, he was a mechanical engineer with Motorola Solutions, a telecommunications company. He earned a Bachelor’s degree in Manufacturing Engineering from the University of Nottingham.

Ivan Chew - Chief Operating Officer

Ivan has been issued multiple patents for his work, and been featured in several publications.

Most recently, he spent five years as an application engineer with OSRAM Opto, a semiconductors company. Prior to that, he was a research and teaching assistant at Monash University.

Earlier in his career, he was an electrical engineer and programmer with Coindex, a Malaysia-based engineering company. He began as a technical service engineer with Sunico, a company servicing refrigeration systems and vending machines.

Ivan earned a Bachelor’s degree in Electrical and Computer Systems Engineering, and a Ph.D., from Monash University.

Andrew Ooi - Chief Financial Officer

Prior to starting Beno, Andrew spent 10 years with Agilent Technologies, a $53 billion instrumentation development and manufacturing company.

He studied at the University of Northumbria at Newcastle.

Raising
$5 million
Committed
$685K (14%)
Current Valuation
$39 million Cap / 0% Discount
Min. Investment
$250
Deal Type
Title III
(For all investors)
Offering Type
SAFE
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