Smart Bike Maker Vanhawks Runs Out of Money, Lays Off Entire Staff
Vanhawks, maker of Valour, the world’s first smart carbon fibre bicycle, is on the verge of shuttering.
The Montreal-born company made the announcement internally. Techvibes obtained a copy of the email memo from a source familiar with the matter.
Vanhawks was founded in 2014 through a crowdfunding campaign which raised more than $800,000 but had its own share of struggles. In 2015 the Canadian startup raised a $1.6 million seed round led by Real Ventures. The award-winning company shipped hundreds of crowdfunding orders in March.
This week the company laid off all staff, according to an internal email, and is now focused on covering payroll obligations and taking care of customers and creditors.
“The company is in no position to offer liquidation to the shares,” the memo reads. “We are working on alternative financing options at this time.”
Valour bikes, which start at around $1,500 USD, connect to smartphones via bluetooth and track rider statistics, such as route and speed, in real-time.
We reached out to Ali Zahid, the founder of the company, who did not respond to Techvibes immediately for comment.
