Due Diligence For


Company Overview –

Powered by an environmentally friendly lithium-ion battery, the GolfBoard is an easy-to-ride fully electric vehicle that adds a whole new level of fun and excitement. Golfers of all ages can now “Surf the Earth” from shot-to-shot in a way that feels like snowboarding or surfing. They call it “GolfBoarding.”
*Souce: Crunchbase



Name: Golfboard

Minimum Raise: $50K

CEO: John Wildman

Maximum Raise: $1M

Company Founded: 2012

Structure of Raise: Common Stock

Location: Bend Oregon

Valuation: $8M Pre-Money Valuation

Crowdfunding Portal: Start Engine

Minimum Investment: $125

Crowdfunding Link: https://www.startengine.com/startup/golfboard


Website: http://www.golfboard.com/


Review Overview


Risks and Reservations

PGA best new product award

Management has limited equity ownership

Experienced management team

Significant amount of company debt

$4.7M in revenue for 2016

10% of gross margin endorsement royalty

Large market at $7B

40% of offering proceeds to pay previous debt including deferred management salaries

Competition offers very similar product at a lower price

Offering is for Class B common stock


Golf courses are seeking ways to speed up the game and make it more attractive to a wider range of players


Current: Golfboard created a motorized single rider vehicle design to mirror the experience of riding a surfboard or snowboard, these boards reduce playing time for golfers.

Long Term: Golfboard plans to release two new motorized boards, BeachBoard and ResortBoard, to allow them to expand beyond the golf course.

Business Model

Currently, GolfBoards are sold for $6,500, rented for $350 per month, or leased for about $156 per month by golf courses nationwide. The primary source of revenue comes from the sale of the boards. GolfBoard recently released two new products, the ResortBoard and BeachBoard. They are also implementing an e-commerce initiative so they are able to sell their product to individuals.


  • Already used on 250+ top courses worldwide
  • Nearly 2,000 boards shipped worldwide
    *Source: Company provided on crowdfunding campaign website

Senior Management Team


John Wildman

Jeff Dowell



President & COO

Ownership Percent:







Luan Phem – Head of Marketing for Conde Nast Golf Digest


Wildman and Dowell bring years of business experience to Golfboard. Besides the full-time members of management Golfboard has contracted multiple external executives to serve as directors of the company. Golfboard spent $1.2M on salaries and benefits in 2016. With many of the directors holding full-time positions with other companies the compensation expense raises concern.

Market Analysis

Industry: Golf Industry

TAM (Total Addressable Market): $7B
*Source: Start Engine

Driving Trends: Flat industry growth

Industry Opinion:

The golf industry has struggled to increase participation over the years. According to an article in Forbes, golf participation saw stagnant growth from 2012-2014. The industry is working hard to increase participation and has singled out the issue of pace of play as a major deterrent. Golfboard states they can reduce playing time by up 40% compared to traditional golf carts.

With 24 million golfers in the U.S, there is certainly a large target demographic for Golfboard. Along with competition from standard golf carts, there is also competition from Golf Skate Caddy who makes a very similar product that is lower priced.



Golfboard differentiates itself with a higher quality product along with additional performance features.

Main Competitor

Company Name: Golf Skate Caddy

Funds Raised: Unknown

Company Website: http://www.golfskatecaddyusa.com/


Revenue to date: $8.88M

Revenue Last Fiscal Year: $4.7M

Previous Funds Raised: $3.5M in Convertible Notes
*Source: Start Engine

Use of Funds

  • Product to Market
  • Business Development
  • International Expansion

Exit Opportunities

As the golf industry is looking to innovate and draw in a younger demographic the traditional golf cart manufacturers will be looking to maintain an edge and differentiate themselves. I think GolfBoard would be an interesting acquisition target to any of the major three manufacturers Club Car, E-Z-Go or Yamaha.

Recent Acquisitions in the Field

Date Company Acquired Acquired By


Apr 15,2015

Segway Ninebot


March 12, 2015

Ninja Caddie Golf Holdings Corporation


Expert Opinion Summary

I think the product is exceptional and is certainly priced in a fair range if being compared to a traditional electric golf cart which retails in the $8,000-$9,000 range. Golfboard is targeting the traditional sales model used by golf carts which involves leasing the vehicle to the golf courses typically done over a 3-4 year period.

Despite having a great product, the structure and operation of the business raises concerns. The first concern with this offering is that a large percentage is being used to pay for previously incurred debt and deferred management salaries. As a potential investor, you would hope that the new capital being put in would be used to grow and expand the business from the current state. With a majority interest of the company not being helped by the core management team, the motivation to quickly grow the companies value could be questioned.

Although it’s not uncommon to have a royalty on a product, 10% of gross margin being paid to sponsor Laird Hamilton does seem high and will make an impact on the future growth of the company.

AngelList: N/A
Crunchbase: https://www.crunchbase.com/organization/golfboard#/entity


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You should thoroughly review the complete offering materials for any investment opportunity, particularly all risk factors, prior to investing in any offering and become familiar with the investor requirements, investment limits and your ability to resell the investment.

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Jake Fisher
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Jake Fisher

Entrepreneur and Angel Investor. Along with founding Crowdfund Research, Jake is the Managing Partner at Venture Formations.
Jake Fisher
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