Dear Investors, Advisors, 

I realize I haven't sent an update in a long time. So the next 2-3 updates will be sent this month to catch everyone up to the present-day status of Dollaride. Below is content related to the closing of Q4 2022.

AGENDA

• Overview
• KPIs
• Business Development
• Press
• Fundraising

OVERVIEW

Here's a recap of the highlights from the last quarter of 2022. The update below includes information on:

• KPIs, runway and cashflow
• The GatewayJFK Shuttle Service Ends
• Governor Hochul's Announces the New York Clean Transportation Prize Winners
• Dollaride + Stripe Press
• Up-to-date fundraising progress re: Seed Round

KPIs

• Total Rides: 35,035
• Driver Users: 432 (accounts in system)
• Total Unique Riders: 9,710
• Revenue: $222.9K (YTD)
• Team: 6 FTEs
• Cash on hand: $300K
• Monthly burn: -$109,000
• Runway: ~3 months

***YTD metrics as of December 31st, 2022
Considering our current cash position, we'll be reducing our monthly burn considerably to extend our runway.

BUSINESS DEVELOPMENT

Gateway JFK Shuttle Milestones Reached -- Pilot service ends by EOY

Our GatewayJFK shuttle reached several millstones in the final months of 2022. Since extending our partnership in the fall of 2022, we quadrupled our paid ridership and reduced Field Ambassador costs significantly. This was largely due to the patient and thoughtful work of our field ambassadors, drivers, and operations teams.

Despite our steady growth and improvements, service was suspended on 12/31/22.

The route was heavily subsidized by NYS from 2019 - 2022, making it possible for the GatewayJFK Business Improvement District (BID) to afford the service as the primary sponsor. However, the BID’s $500,000 annual budget could not afford to sponsor the true cost of the route without support from other funding sources. Additionally, ridership alone could not cover the cost of the route without exorbitant fares.

Both GatewayJFK and Dollaride have attempted to secure additional funding. While no deals were closed to fund the route beyond 2022, this route represents a proven and worthwhile opportunity to improve the South Jamaica area.

Going forward, we are confident that elected officials and private organizations will recognize this enormous opportunity and listen to workers and residents who clearly need and want more equitable transportation in their neighborhoods.
Here's a list testimonials that riders have shared with us since we launched the service.

NYS Governor Kathy Hochul announces Dollaride as winners of the $10 million New York Clean Transportation Prize! 🔥🚀🚐

Ten grand prizes were awarded as part of the $85 million New York Clean Transportation Prizes (NYCTP) program to enhance clean transportation, improve mobility options, and reduce harmful emissions through innovative transportation solutions.

Dollaride’s proposed Clean Transit Access Program (CTAP) was selected by NYSERDA and its evaluation committee, and all contracts have officially been signed, sealed and delivered. View our official press release here. Under the Clean Neighborhoods Challenge category, Dollaride was awarded a $10 million grant and contract to implement the proposed CTAP project.

This announcement supports the State's nation-leading Climate Leadership and Community Protection Act goals of reducing greenhouse gas emissions by 85 percent by 2050 and that at least 35 percent, with a goal of 40 percent, of the benefits of clean energy investments be directed to disadvantaged communities.

More info here from the Governor's announcement of the 10 NYCTP winners.

More Advertising with Dollaride

In 2021, The David Prize partnered with us to advertise their citywide grant program one of our Brooklyn-routed vehicles. After a notable increase in Brooklyn applicants, they reconnected with us in 2022 to wrap an additional van. We're excited about our renewed partnership with The David Prize, and will continue to look for opportunities to help impactful organizations advertise with Dollaride.  

Learn more about Advertising with Dollaride here.

PRESS

Stripe X Dollaride

In late August 2022, the multi-billion dollar financial services organization, Stripe, worked alongside our digital content team to produce a short piece highlighting our company and what led CEO Su Sanni to pursue revolutionizing urban transit. We're happy customers of Stripe. So we were thrilled to collaborate with their Communications team and explore a deeper relationship with the company.  

Read the full original story here on Stripe's website.

FUNDRAISING

During Q4 2022, I decided to take a pause on investor fundraising. Market conditions for fundraising were really rough, and our capital had changed considering that we had a $10M grant and government contract in tow. Once I thoroughly reevaluate the company's capital needs, I plan on going back out to fundraise in 2023.

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As always, thanks for your continued support and be sure to follow us on LinkedIn and Twitter for additional updates and news!

If you have any questions, or suggestions regarding our product or business, please let me know.