Boston startup Bridj, an on-demand shuttle service, abruptly announced it is closing after three years in business after a planned transaction with a car company fell through.“Today, our journey unexpectedly ends,” CEO Matt George announced in a statement posted last night to the Bridj website. The company’s last ride was Friday. - From http://www.bostonherald.com/business/business_markets/2017/05/ride_is_over_for_boston_on_demand_shuttle_service
Headquartered on Newbury Street, the company said it was expecting to close a deal with “a major car company” for “a sizable transaction” in lieu of a traditional venture capital funding round, but the deal never came to fruition.
The Bridj statement said the unnamed car company “sought to gain the appropriate internal approvals that we (and they) thought were already in place.
Throughout, we remained convinced of the close strategic fit and both sides had every expectation that the transaction would close.
Despite assurances, and all parties acting in the best of faith, that didn’t happen.” Bridj, which started with $3 million in venture capital backing, was built around technology that designed bus routes based on an analysis of demand, and partnered with licensed coach bus vendors for pickups.
“While we have been one small part of starting the conversation around mobility in the modern city, we hope that you will continue to support innovators and leaders who will pick up where we left off, delivering on the promise of what cities can and should be,” George said in the company statement.