Social Bicycles uses mobile technology to enable affordable, scalable and intelligent bikesharing networks. Traditional bikeshare uses a network of kiosks and docking stations, which take up a lot of public space and cost over $5,000 per bike. Social Bicycles bikes have a GPS-enabled locking system that works with regular bike racks. Users can find and reserve bikes with their mobile phone. Capital costs are 1/5 of station-based bike share. Social Bicycles is a technology company not a transportation operator. The Company sells bikes and locks to independent operators and provides them with a hosted platform for managing the service.
Bike share is the fastest growing form of public transportation, increasing from less than 20 systems and 3,500 bikes in 2007 to more than 400 systems with almost 400,000 bikes in 2012. Social Bicycles has three contracts for 2012 - Buffalo Carshare (100 bikes), San Francisco Airport (40 bikes), and Mountain Rides in Sun Valley, Idaho (16 bikes), has 10 deals in the pipeline for 2013, and expects to launch around 15 systems next year.
The Company is seeking $500,000 to complete $1,000,000 of equity funding being led by the New York Angel Group.
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