The self-described “Tesla of Motorcycles,” Curtiss Motorcycle Co., has listed a securities offering on Wefunder.
Investors are purchasing equity in the company at a pre-money valuation of $7.3 million. The offering page indicates that $554,000 has been raised on an initial target of $581,000, but the company may raise more than that amount. Curtiss has pursued multiple funding rounds in the past – most recently with DealMaker. To date, Curtiss reports having raised $3.5 million from over 700 investors.
In a note shared by the company, Curtiss said the new offering allows investors to participate in the firm at “its best value to date.”
Curtiss states that it has recently been announced The 1, its flagship bike, has received orders for 20% of the initial production.
Additionally, Curtiss states that it has already raised over $2.5 million to date, but it is not immediately clear if this is inclusive of the current Reg CF offering. There is a simultaneous Reg D offering available to accredited investors that seeks up to $5 million with a minimum ticket of $50,000.
The Tesla analogy makes a lot of sense. Where Tesla got it right is it started with a high-end car that appealed to more affluent individuals. Tesla has never slacked on performance, as most models smoke many high-end luxury cars. While other EV manufacturers targeted cost-conscious consumers, Tesla created a halo effect of a top brand. Curtiss wants to start with luxury and then move down market. This is the right approach (in my humble opinion) – who wants to be the Chevy Volt of electric motorcycles? At the same time, the bike looks amazing.
Curtiss says it is the first and only luxury EV bike brand that is developing a scalable, modular platform that can benefit future models.
Matt Chambers, CEO of Curtiss Motorcycle, says the Wefunder securities offering is providing access to investors and enthusiasts to get in on the “ground floor” to join them on a journey to become the “world’s leading electric motorcycle brand.”
“The electric motorcycle industry is poised for huge growth and we are proud to be leading the charge.”
Chambers adds that The 1 “turns heads everywhere,” and you know he is spot on.
“Its patented, modular proprietary platform architecture will serve as the basis for every future Curtiss motorcycle.”
Curtiss harkens back to Glenn Hammond Curtiss, who began manufacturing motorcycles in 1902, inventing the all-American v-twin. The company aims to honor the legacy with The 1, by becoming an icon for electric transportation.
The initial collection will be a limited edition of 120 electric motorcycles and do not come cheap. The 1 will cost $120,000 – available for pre-order.
As with most startups, Curtiss is losing money and needs growth capital to take the company to the next level.
You can review the offering circular here and get more info on Wefunder.
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