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The end of Bluegogo…

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The end of Bluegogo…

BY   Alexandre Gauquelin   

Hoho, what a rollercoaster!

 

Bluegogo was doing fine at the beginning of 2017: with a 58M$ fundraise , they were in the top 3 of chinese dockless bike-sharing companies, and the first to try to conquer the rest of the world, announcing in january 2017 a launch in San Francisco’s streets.

After dropping hundreds of bikes  in the streets, SF authorities urged Blugogo to removed all bicycles from the city in march 2017. With a defiant municipality and a concurrent, Motivate, who was lobbying hard to defend its exclusivity contract for Frod Gobike program, Bluegogo surely did not choose the right way to settle in California…

 

The news appeared in chinese news on november 15th: Bluegogo is now bankrupt! Some senior executives already resigned from the company, and all employees will be dismissed by february 2018. The company also owe up to 150M$ worth of user deposits unaccounted!

 

Once again, it raises the question of the financial durability of all the big actors of dockless bike-sharing. Be careful, the bubble might explode…

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