Recent developments and holoride’s strategic direction
Dear RIDE Community,
I’d like to update you on recent developments and our strategic direction within the holoride ecosystem.
Funding Challenge and Response
Our parent company, holoride GmbH, faced an unexpected challenge during its Series B funding round. The designated new lead investor was not able to deploy the investment on time, leaving the company with insufficient funds.
Despite best efforts to secure alternative funding quickly, the parent company had to file for insolvency to protect its assets. Under German law, this preliminary insolvency process allows for accelerated restructuring and asset deals.
We’re optimistic about emerging stronger from this.
Token and Operations
The RIDE utility token, issued and operating under the separate legal entity holoride AG, currently remains unaffected by the parent company’s situation. In line with the overall restructuring process, we follow our holistic roadmap as planned.
However, acknowledging some of the challenges we’ve encountered with our pioneers’ product in its initial markets, we are also in conversations with premium partners regarding additional use cases and a standalone path for RIDE, applying utility and tokenization to the broader mobility space.
In the meantime, we are considering additional rewards for our community’s loyalty.
Innovation and Engagement
This setback doesn’t derail our mission to revolutionize in-vehicle experiences. We remain committed to our purpose of ‘making transit time count.’ Our technology, partnerships, and team form a solid foundation for overcoming this challenge.
As many of you know, my commitment to holoride is defined in two simple words: “all in.” My entire resources are poured into our efforts. We are in this together, and I’m eager to hear from you. Your ideas and support are invaluable as we navigate this chapter.
Looking Ahead
As we navigate the restructuring process, we are taking steps to streamline our operations and identify investors who share our vision. We will focus even more on our core technologies and the emerging market opportunities.
As we work through these changes, we will inscrease transparency and provide updates to ensure our community is informed and engaged.
Your Role and Our Future
Your support and participation are vital to our journey. We invite you to participate in our upcoming RIDE reward programs and stay engaged through our community channels. Together, we will continue to shape the future of travel and entertainment.
Thank you for your continued support and belief in holoride. 💜
RIDE on,
Nils
