Bike rental and demo management software maker Spinlister has announced that it will close as of April 22nd.
Likened to “Airbnb, but for bikes”, the business had developed its own dockless bike share program that ran alongside its bike rental partnerships with listed bike shops.
The business has now emailed its bike shop and rental partners, with CEO Marcelo Loureiro also posting this message to the website clarifying what will happen in the coming weeks.
“We were not able to raise new funding, so our board of investors decided that the best option was to close shop,” explained Loureiro.
Spinlister has been through three funding rounds to date, raising $2.3 million, $1.5 million of which came in 2015. The business later moved to acquire European bike share company Cycleswap in 2016.
Spinlister operated globally, with the website listing London, Amsterdam, San Francisco, New York and many more locations as destinations where you could easily locate a bike using the service.