Germany's Rocket Internet to shut down carpooling app Tripda

Sources say the startup failed failed to secure series B funding, reports Tech in Asia

German startup factory Rocket Internet is set to shut down its carpooling app Tripda said sources.

Tripda differs from ride apps like Uber by focusing on carpooling across long distances or for regular commutes. It started out in Brazil in 2014 before, like most Rocket Internet-backed startups, expanding mainly to other developing nations. It covers 13 markets, six of which are in Asia.

Rocket Internet’s market cap has been slashed in half since its IPO.

Tripda will announce the global shutdown later this week. Our source at Tripda, who requested to remain anonymous, says that the startup failed to secure series B funding. It raised $11 million in a series A round at the start of last year, with the money coming from Rocket Internet and an undisclosed New York-based investment firm.

We have learned that an unnamed US-based VC has declined to provide follow-on funding.

Most Tripda staff will lose their jobs, with one month’s salary as compensation. Some may be moved to other Rocket ventures. At the last count nearly 12 months ago, it had 100 employees.

This is an excerpt from Tech in Asia. You can read the full article here