Since its launch in 2017, Billy has raised a total of €2M, from Belgian angel investors and family offices. €250.000 of these funds were collected from 111 investors during the company’s first equity crowdfunding campaign in 2018.
At the latest fundraising in January 2019, the company had a valuation of €3M. Since then it has opened up its service to the public, launched the second version of its bike, grown its fleet to 600 and its user base to 10.000.
The company has currently 6 convertible loans granted for a total amount of €867,045, from amongst others D'Ieteren. The conversion of these loans will entail a future dilution of the investors of the Billy 1A-compartment of Spreds Finance.
5% of the raised funds will go to the partial reimbursement of the convertible loan granted by D'Ieteren.
Use of funds
- 5% Organization / SG&A
- 21% Marketing / Sales / Software
- 48% Operations
- 26% Financing & leasing
The collected funds will be used to fuel the company’s growth in the next months, continue to improve their operational model and prepare the launch of their second city.
In one year, 10.000 users have joined the service. This user base grows on average 20% every month. Billy’s Brussels operation needs 24.000 users to breakeven, which will be reached within 12 months. The company has chosen to reinvest in its expansion, which will delay the general breakeven to May 2023.
Note on Covid-19:
Although growth projections are difficult to assess for the coming weeks, the company’s revenues have tripled since the beginning of the health crisis. This shows that Billy’s user base relies on the service, especially in these challenging times. The management also believes that biking will become even more prominent after the lock-down measures are lifted.
Traditional mobility- and automotive players are buying startups to secure their strategic position in the fast growing market of micro-mobility, offering many exit possibilities to companies that manage to create sustainable and scalable business models. Billy is in close contact with several industrial groups and will continue building bridges as it demonstrates its ability to scale its operations.
Break even year
1 May 2023
TAX SHELTER 45%
|Committed by co-investors||€0|
|Min. total fundraising||€200,000|
|Max. total fundraising||€1,000,000|
|Post-money valuation min.||€3,200,000|
|Post-money valuation max.||€4,000,000|