Dear PodRide Supporter,
Time for another update…
Over the past five months, we have been working with a European equity crowdfunding platform where we planned to showcase the opportunity for you to get more involved and become a PodRide shareholder. We have just been notified of a recent internal policy change which makes PodRide ineligible for their platform. They previously had no restrictions on where a company could be incorporated and be listed on their platform. They have reduced this now to just the six countries where they have a local office.
This news is really disappointing as we were getting close to going live with our campaign. The change in policy from the equity crowdfunding platform leaves us with the following decision:
- Should we abort the current incorporation process and incorporate in a country that the platform’s location policy allows?
- Or, should we bypass the platform and deal direct with you, our supporters?
The primary reason for using the fundraising platform is that it provides an enhanced level of credibility similar to KickStarter or Indiegogo, and we would likely see more supporters get involved.
We are favoring the idea of dealing direct with you for two primary reasons…
- We can move forward faster! (As we do not have to incorporate elsewhere and put in place additional structures and ongoing costs.)
- We don’t have to payout 8-11% of the funding raised in commission payments and charges to the platform. Meaning your investment goes further.
The good news is that the several months of work to produce the materials and documentation are not lost, they can be used either via the platform or direct.
As of now, we are still exploring both scenarios mentioned above. We are seeking legal advice as to what we can and cannot do and will update you shortly.
If you are interested in exploring the possibility of becoming a PodRide shareholder and have not already done so, you can register your interest here and we’ll make sure you are informed. (Please note at this stage we cannot take investment from US or Canadian citizens, but feel free to register your interest in case this situation changes.)
We were originally hoping to start taking pre-orders for PodRide before the end of 2017. It disappoints us to inform you this is going to be delayed due to our currently limited resources and inability to move forward as fast as we want to. Once the funding and additional resources are in place the pace will increase dramatically.
Rest assured we are still fully involved and committed to the PodRide project and now more than ever need your support to make it happen.
Thanks again for the amazing support and trust.
Warm regards from the PodRide team.