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GoBear cited the failure to raise additional funds from existing or new investors as the primary reason for closure.

Published 2021-01-08 14:34:44
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(Editor’s Note: Article has been updated to include Aegon’s responses, which is one of GoBear’s leading investors)

Singapore financial services startup GoBear announced on Monday (Jan 4) that it is ceasing operations and will begin an “orderly closure of the business”.

It cited the failure to raise additional funds from existing or new investors as the primary reason for closure, adding that the COVID-19 pandemic made the operating and fundraising environment “very challenging”.

Other factors included a prolonged period of weakened demand for some financial products and services, in particular travel insurance.

However, GoBear CEO Adrian Chng previously said that while the pandemic has indeed brought about a declining interest in travel insurance, they still saw growth in their insurance and other loan products.

 
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