Taxi comparison startup Karhoo has officially closed down.
Despite raising a reported $250m in funding in 2015 and closing an undisclosed Series A round in January of this year, the startup said in an official statement that it has ceased operations due to what it says was a ‘dire’ financial situation.
The app, founded in the UK by Daniel Ishag and now headquartered in New York, allowed users to compare the fares of existing local taxi firms.
Karhoo, which was available in New York and several UK cities, also had staff based in Singapore and Tel Aviv. The startup says that many of its employees worked unpaid for up to six weeks in attempt to ‘get the business to a better place.’ But, unable to find a backer, Karhoo was today forced to close down its operations.
The news follows on from the recent tribunal win by Uber employees, which deemed drivers were workers and not self-employed, and Hailo’s merger with MyTaxi due to financial losses back in July.
Karhoo said in its official statement that it ‘is now looking at the next steps for the business.’