CanGo might have shut down due to funding challenges:
Popular ride-hailing platform, CanGo, has reportedly shut down operations because of their inability to raise sufficient funds. Reports have said the company’s present funding strength is not good enough to bring them to a series A and no investor would be ready to take such massive risk.
Disrupt Africa had this to say, “The co-founders decided that the funds it has committed to the SAFE as of now, US$180,000, are not sufficient to bring us to a healthy Series A without an ‘irresponsible risk the investors willing to put that money in.’”
Recall that Barrett Nash, Cango’s CEO said this in 2019, “To date, we’ve raised $1.8 million from investors and we are looking actively for additional investors that bring greater strategic value inside the African continent, especially Congo.”
The report is yet to be confirmed by CanGo.