Singapore-based startup GoBear has announced that it will cease doing business, citing inability to raise funds due to the global coronavirus crisis.
The company, which provides insurance comparison and other financial services, said in a statement that the pandemic has made operations and fund-raising “very challenging”. The pandemic has caused demand for several financial products and services, such as travel insurance, to weaken significantly.
This comes just a few months after its latest funding round in May 2020. It was led by Walvis Participaties and Aegon, and raised US$17 million. In the same month, GoBear acquired Singaporean digital lending firm