Blockchain Startup DOVU Announces Security Token Offeringbr>
Jaguar Land Rover-backed crypto rewards platform DOVU, in partnership with token issuance and advisory platform TokenMarket, is planning to conduct a Security Token Offering (STO) in April.
DOVU, which is backed by both Jaguar Land Rover’s InMotion Ventures and UK government-backed fund Creative England, is a blockchain rewards platform that aims to equip the transport industry with high-quality datasets. The company’s platform allows users to earn DOV tokens for sharing and improving the way that they travel, enabling mobility companies to get closer to their customers and ultimately helps cities get smarter.
In October 2017, DOVU successfully raised $6 million in an initial coin offering (ICO). Now, the company is looking to raise £2 million ($2.6M USD) in an STO, an investment offer where stock or bonds are tokenized and put on a blockchain, to further develop its platform, build user growth and facilitate creating a larger customer base. It will also be used to expand its smart mobility platform for global adoption.
DOVU partnered with TokenMarket to issue the business’ equity in a tokenized format via a crowdfund and private placement memorandum on the TokenMarket investment portal. DOVU claims that it will become the first regulated retail STO by TokenMarket once the company completed the UK FCA Regulatory Sandbox test. It will give users along with the wider public the chance to become investors in DOVU.
“We’ve had great success launching our public wallet where users are earning DOV tokens, as well as signing a number of partner deals which will drive our platform forward,” said Irfon Watkins, Founder and CEO of DOVU. “Given our strong position, we feel now is the right time to offer equity ownership to our growing community. TokenMarket was crucial in ensuring that our first raise in 2017 was a success and we are pleased to be working with Ransu and Mikko’s dedicated team once again to run our STO.”
Since 2017, TokenMarket has assisted more than 30 of the most innovative blockchain companies raise over $350 million, issuing digital tokens in a secure, regulation compliant manner to over 250,000 separate wallet addresses.
“STOs mark the new future of issuing equity in a business and we at TokenMarket are looking to set the standard,” said Ransu Salovaara, CEO and Co-Founder of TokenMarket. “By using blockchain technology and bringing investment opportunities to the retail sector, we are confident that tokenized equity will become the norm. Having previously worked with Irfon and the DOVU team, we are thrilled to continue this great business relationship.”