Statement from Irfon Watkins, Founder & CEO.

I am pleased to announce that DOVU will be launching a Security Token Offering. Date TBC.

At DOVU, our vision is to make a positive impact on people and places by facilitating smarter travel. We want to empower people to make better choices and give businesses and governments the tools they need to implement change in the mobility space. We are developing a new type of a reward platform using our utility token (DOV), which can be earned and spent within the mobility ecosystem.

Through our Security Token Offering (STO), we will again lead the way in experimenting with tokenisation, becoming one of the first companies in the UK to allow individuals to purchase tokenised equity in our business.

We value our existing DOV utility token holders and as such will be allocating some security tokens to them exclusively (which will be based on current regulation requirements and approvals by relevant regulatory bodies).

When we began our journey in 2016, we sought seed funding from partners who had experience helping early stage innovators to bring their products to market. We found synergy with InMotion Ventures, the investment arm of Jaguar Land Rover and with Creative England, a UK government backed fund which invests in ground-breaking creative and tech businesses. Backed by both, we built out our whitepaper and an initial prototype of our crypto rewards platform.

We then went on to run our utility token sale to raise the next round of necessary funding. We chose TokenMarket to host and manage this sale. They are global market leaders in the field and I have personally known their CEO Ransu Salovaara for 12 years, so it was a simple decision.

The token sale ran in October 2017 and was a great success, securing contribution from a now very supportive community of token holders, as well as raising awareness of the DOVU brand. With the funds raised, we have done a lot of learning and work building on the Ethereum blockchain and created our own payment channel. We have secured pilots with 5 major automakers (many still underway and, unfortunately, under NDAs). We successfully completed a pilot with BMW and are currently participating in the Billion Journeys project with GoAhead — a UK bus and train company. We have continued to build our team and our strategic partnerships, including becoming one of the founding members of MOBI (Mobility Open Blockchain Initiative). We are now looking forward to the beta launch of our consumer wallet in December 2018. The link to sign up as a beta tester will be out next week.

As our business develops, we are constantly approached by interested parties who want to join InMotion and Creative England as equity investors in DOVU. We have decided to run an STO, fully regulated by the FCA and once again managed by our partners and friends at TokenMarket. We are proud to be part of the FCA regulatory sandbox and excited to be involved, along with TokenMarket, in regulation creation around security tokens in the UK.

It is an exciting time for DOVU and the industry — the ability to have both utility and security tokens to build our business will help ensure a successful outcome for all DOVU stakeholders and customers.

As I mentioned above, we place high value on our existing DOV utility token holders and as such we will be allocating an amount of DOVU security tokens to current holders at the point the security token sale ends. This decision and process will be determined by the guidance of FCA. Further details on this, and the specifics of how the STO will work, when and for how long, will follow in due course.

I thank you for your support and look forward to sharing DOVU’s updates and successes with you in the coming months.