Self-serve paddle sport rentals

Security Type
Crowd Note
Sports and Fitness
Min Investment
Key Biscayne, FL
Offering Date
December 11, 2020
Expected Close Date
February 26, 2021
Target Raise
Deal Notes

Round type: Seed Round size: US $1,500,000 Minimum investment: US $1,000 Target Minimum: US $350,000 Raised to date: US $97,980 US $0 (under Reg CF only) Security Type: Crowd Note Conversion discount: 20.0% Interest rate: 9.0% Note term: 36 months

Company Description

Self-serve paddle sport rentalsDid you know that 3 out of 4 millennials would rather buy an experience over a physical good, and that 27% of Americans have an interest in trying paddle sports? This is a 22 billion dollar opportunity in the US alone that has grown 56% over the last few years.PADL offers self-service paddle sport rentals that allow riders to rent paddle boards and soon kayaks right from their mobile phones. Unlike other alternatives, we offload the rental process onto our mobile apps, and have our equipment located in convenient waterfront locations, providing a far better option than buying or renting equipment both out of convenience, and economically.Our team is made up of lifelong water enthusiasts. While others were playing soccer, football, or baseball, we were paddling, fishing, and diving! PADL’s founders are Andres Avello, who has led financial and strategic operations and software implementations and managed over $500 million in operating budgets. Khalil Khouri, who is an engineer with deep expertise in robotics, including the buildout of an underwater ROV for Boeing and development to market of various products, and Felipe Jauregui, who helped manage a $2 billion portfolio for a large private bank, and later moved to lead operations at a manufacturing startup.We make money by renting paddle sport equipment by the hour and offering subscriptions memberships. Our product aims to be like CitiBike for paddle sports, and our vision is to get everyone involved in outdoor activities by getting people out on the water. We have already developed our product, received a patent, signed up 1800+ users, launched 7 stations and are now working to deliver to our growing pipeline of 150+ stations.

Use of Proceeds

  • PADL Stations
  • Sales & Marketing
  • R&D
  • G&A

Key Deal Facts

Developed patented solution for self-service paddle sport rentals
Signed up 1,800+ total users, with 190+ subscription members & 1000+ non-member rentals
4,000+ hours paddled across 700+ miles with over 1600+ sessions
Launched in 7 locations so far
Signed letter of engagement with Crystal Lagoons to offer PADL as a paddle share option for all current and future Crystal Lagoons

Use of Proceeds

  • PADL Stations
  • Sales & Marketing
  • R&D
  • G&A

Management Team / Advisory Board Bios

Andres Avello
CEO & Founding Partner
Large enterprise + entrepreneurial experience, launching + scaling multiple brands, implementing large software solutions, managing finance + accounting.

Khalil Khouri
CPO & Founding Partner
Engineer with expertise in robotics, including the buildout of an underwater ROV + development to market of various medical products.

Felipe Jauregui
COO & Founding Partner
Entrepreneur with a track record in sales, banking, relationship + operational management.
Amount Raised : $449,180
Reveal the Score by Voting
Not enough ratings to determine a viable CrowdScore for this deal.
The "CrowdScore" for this deal is determined by user ratings and other factors using our proprietary algorithm.
The overall viability and scalability of the business concept as well as the ability to drive the concept to profitability over time.
Business Idea
The progress made thus far in demonstrating that the business has viability, a customer base or other business traction.
Business Traction
The experience of the management team in running, scaling and/or exiting a business that required similar skills to execute the business plan.
Management Team
The value of the company compared to similar companies raising money from investors.

Security Description

A Crowd Note modifies the typical convertible note so that the crowd does not automatically convert to equity shareholders on the next financing and remain off the issuer’s capitalization table, but the crowd will still participate in any exit as if they had converted to equity. If there is no future financing, the holders of the Crowd Note still have upside, but could miss out significantly.

Research Reports

No reports have been submitted

Become a Reporter