Brazil-based carpooling app provider Tripda, backed by conglomerate Rocket Internet, is set to shut down tomorrow after being unable to meet high operating costs, according to TechCrunch.
The announcement follows reports by news publication Tech in Asia that Tripda failed to raise a series B round. The company had previously closed an $11m series A round in January 2015 that featured Rocket Internet and an unnamed US-based venture capital fund.
Founded in 2014, Tripda operated a platform that enabled users to organise shared car rides. It expanded into 13 countries, including markets in North and South America and Asia, and claims to have matched a million users to rides.
Tripda released a statement on its website explaining the decision to cease operations, saying: “Given the inherent challenge of funding our operation as it continues to grow, we realised it was time to bring our ride to an end, discontinuing the Tripda platform as it is today.”