Earth Rides on WeFunder | Deal Memo

Jun 4, 2021 2 min read
Invest in Earth Rides: Like Uber but with a fleet of Teslas. | Wefunder
Like Uber but with a fleet of Teslas.

Company Overview

Earth Rides is a female owned, eco-friendly, and all electric rideshare company—just like Uber but with Electric Vehicles.

The company is currently focused on on rounding out Nashville with the addition of 10 more vehicles. To do so, they will need to hire an additional 25 drivers.

Earth Rides expects to launch in Austin this summer and hopes to begin prepping the market six weeks before launch.

2021 Q1 saw a decrease in marketing costs reducing the company's CAC to $5.53 and an increased LTV to $57.82. According to the team, their current competitors (LY), average a CAC of $32 and an LTV of $19 after 8 years of operating.

Deal Terms

  • Security: Convertible Note
  • Valuation Cap: $40,000,000
  • Min. Investment: $250

(Data as of June 2021.)

Earth Rides: WeFunder's Campaign Highlights

  • The company posted a +193% increase in revenue in Q1 2021 over the previous quarter.
  • Earth Rides has partnered with Patagonia Nashville to offer on-demand delivery of their products. This allows Patagonia to deliver within the hour and without any packaging all the while reducing their carbon footprint.
  • Earth Rides is female owned, eco-friendly, and diverse company.
  • First mover advantage as an all electric rideshare company.

Did I Invest In Earth Rides?

I’m still in the process of writing a full deal report and decide whether or not I will invest in Earth Rides on WeFunder. At Angel Notes, I review 100+ pitches on 10+ platforms every month and send a detailed report every Saturday to subscribers of the Angel Notes newsletter (you can join through the form below). See you soon!

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