Hailo Lays Off 40 as It Pulls Out of North America, Citing Competition

Taxi-hailing company Hailo said it was done with North America today in light of, “the astronomical marketing spend required to compete.” The company, which has raised some $100 million and first launched in London, had fought particularly hard to conduct its business in New York, where it was part of the first group of companies that got city permission to allow people to hail rides from an app. CEO Jay Bregman is out, and 40 employees will lose their jobs, a company spokesperson said. The move was earlier reported by the Financial Times.

This article originally appeared on Recode.net.