The ride-sharer app founded just 18 months ago sought to take on Uber by making it easier to hail licensed cabs in cities like New York and London. But as of today the company is shutting down, the company announced on its website. The main reason is because the company has run out of cash. Here's Karhoo's statement in full:
It is with much regret that we have to announce that Karhoo has had to close its service and is now looking at the next steps for the business.
The Karhoo staff around the world in London, New York, Singapore, and Tel Aviv have, over the past 18 months, worked tirelessly to make Karhoo a success. Many of them have worked unpaid for the last six weeks in an effort to get the business to a better place. Unfortunately, by the time the new management team took control last week, it was clear that the financial situation was pretty dire, and Karhoo was not able to find a backer.
We would like to thank our staff, our partners, the fleets around the world that shared our vision, and the hundreds of thousands of people who downloaded the app and supported what we were trying to do.
The world needs a Karhoo.