Obscure Uber rival Karhoo is set to close after burning through £202m of funding in less than a year.
The ridesharing company failed to raise further revenue and has announced today (Tuesday 8 November) that it is “looking for the next steps for the business”.
Karhoo, which operates in London, New York, Singapore and Tel Aviv, claimed that some staff operated unpaid “for the last six weeks in an effort to get the business to a better place”.
The startup hunted for a backer but failed to find one when it became clear “ that the financial situation was pretty dire,” said Karhoo’s blogpost.
In October 2015, Karhoo reportedly raised £202m in series A funding, but has failed to gain momentum in a competitive market including Lyft, Hailo, Gett, Uber, conventional taxi services and more.