It seems that ride-sharing app Sidecar could not withstand competitive environment driven by rivals Lyft and Uber. Its CEO, Sunil Paul, announced today via a post on Medium that it would shut down the company’s ride and delivery service on Thursday.
Today is a turning point for Sidecar as we prepare to end our ride and delivery service so we can work on strategic alternatives and lay the groundwork for the next big thing. We will cease ride and delivery operations at 2PM Pacific Time, December 31.
Founded in 2012, Sidecar took 5 investments totaling $35 million. It’s last fundraising round was in 2014 for $15 million, led by Avalon ventures. The company was a pioneer in ride-sharing and deliveries, but never gained as much user or investor interest as its competitors.
However, Paul did end on a positive note.
“This is the end of the road for the Sidecar ride and delivery service,” he wrote, “but it’s by no means the end of the journey for the company.”