By HENRY MEIER Staff Reporter
HyreCar Inc., a peer-to-peer car-sharing company based downtown, filed June 8 an amended prospectus for an initial public offering that could raise as much as $14.5 million for the company. The company did not set a date for the offering, but said it will list on the Nasdaq under the ticker symbol HYRE.
HyreCar said in the Securities and Exchange Commission filing that it plans to sell approximate 2.1 million shares priced between $5 and $6 with a 45-day option for underwriters to purchase an additional 315,000 shares.
HyreCar was founded in 2015 by Abhishek Arora. The car-sharing platform allows auto owners to lease their cars to individuals who want to drive for Uber Technologies Inc. and Lyft Inc., but don’t own their own car or own a car that doesn’t meet the rideshare companies’ standards. HyreCar said in its prospectus it does not have any written contract with either Uber or Lyft.
HyreCar had 2017 revenue of $3.2 million and had a $4.2 million net loss. The company had 2016 revenue of about $515,000 and a $867,000 net loss.
Marlin Hooks Two
Marlin Equity Partners, a Hermosa Beach-based private equity firm, announced June 11 that it acquired two companies that provide television, internet and phone services to hotels, hospitals and other commercial buildings.
Marlin said that it merged Bulk TV & Internet Corp., a Raleigh, N.C., company that focuses on television services, with DCI Design Communications, a Syosset, N.Y., outfit whose business consists of phone and internet provisions to buildings.
“We are excited about the combination of two market leaders and the potential to transform the L&I (lodging & institutions) industry by providing a true triple-play offering of internet, television and voice,” said Ryan Wald, a managing director at Marlin, in a statement.
Marlin bills itself as having $6.7 billion in capital. Financial details of the deal for the merged companies were not disclosed.
Cannabis Cash
Prohbtd Media Inc., a cannabis media company based in Culver City, has raised $8 million in a Series A funding round.
The company announced June 11 the round led by the Delavaco Group, based in Fort Lauderdale, Fla., which acted as sole strategic advisor. Other investors included Serruya Private Equity of Ontario, Canada, and Cresco Capital Inc. of Illinois. Actor and musician Donald Glover and DJ Axwell Hedfors also made investments as part of the round.
The startup said the cash will be used to produce original content, hire key employees and make strategic acquisitions of other firms. A Canadian public offering may also be in the works.
The Prohbtd Media, founded in 2015, specializes in cannabis brand and product development and claims to have built the largest multi-platform video network in the cannabis industry, as well as the world’s largest cannabis lifestyle video library.
The Series A round announced this week follows nearly $2 million in securities sold in two seed rounds since 2015, according to filings with the Securities and Exchange Commission.
Have a deal tip? Henry Meier can be reached at [email protected] or (323) 556-8321.
