In a sad sign of the times for the startup scene, GoBear is beginning a formal process to shut down operations because of the pandemic-hit operating environment and an inability to raise additional funds.
The Singapore-based financial comparison and data platform has experienced a prolonged period of weakened demand for some financial products and services, in particular travel insurance because of COVID-19.
As a result, Adrian Chng, CEO of GoBear said that the company had made the difficult decision to close the business. Its financial resources should be sufficient to fulfill existing commitments to customers, employees, suppliers, and partners.
Perhaps the sign was already on the drawing board when the company announced in September that it would reduce its global headcount of 200 by 22. It had managed to secure an additional US$17 in funding in May.
Founded in 2014, GoBear had raised a total of US$97 million and operates in seven markets in Asia — Hong Kong, Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam.