MaaS Global, a Finnish mobility startup founded in 2015, has filed for bankruptcy today, according to Helsinki District Court records.
The company raised more than $162m from investors including NordicNinja, BP Ventures, Toyota and Mitsubishi.
Its city travel app Whim enabled customers to see all the available travel options in a city in one place.
It worked in Vienna, Antwerp, Helsinki, Turku, Tokyo, Birmingham and all over Switzerland, according to the company’s website.
Finnish newspaper Helsingin Sanomat reports that the company had around 10k active users in Helsinki, but lost €9.3m in 2022, making revenues of €3.8m that year, according to its latest financial report.
The company reduced its headcount from a peak of 120 people in January 2020 to 28 last month, according to LinkedIn data.
The news comes at a difficult time for mobility startups, with companies merging and making layoffs as they chase profitable unit economics.
Sifted has reached out to MaaS Global for comment.
