US-based ride sharing service Shuddle shut down on Friday after raising more than $12m from investors including Comcast Ventures, the corporate venturing arm of mass media conglomerate Comcast.
Founded in 2014, Shuddle operated an Uber-like ride hailing service focused on providing chauffeured lifts to children, but despite growing its business more than 50% over the past six months, it was unable to raise the VC money required to keep operating.
Doug Aley, Shuddle’s chief executive, said in a statement: “As we all have seen in today’s headlines, it is an extremely challenging environment for raising new capital.
“We worked hard with our existing investors to find new financial resources that would help us continue to grow but we could not raise the funding required to continue operations.”
Shuddle had raised $12.6m in funding, securing $2.6m in seed capital from Comcast Ventures, Forerunner Ventures and Accel Partners in October 2014, before all three returned for a $10m series A round led by RRE Ventures in March 2015.