In-car VR entertainment startup holoride has declared insolvency amid the company being unable to secure further funding.

CEO Nils Wollny made the announcement on LinkedIn, stating that the company was in the process of negotiating an investment round that ultimately fell apart. Holoride stated that the declaration of insolvency will act as a period of restructuring for the company, providing it with the opportunity to “reset with new investors/owners.” 

Analyst QuickTake: In April 2021 , holoride raised EUR 10 million (~USD 12 million) in a Series A funding round, which valued the company at EUR 30 million (~USD 32 million). While Holoride aimed for a unique value proposition within the industry, this ultimately led to it operating in a niche market, partnering with automotive companies such as Audi and Porsche to integrate its tech stack into their vehicles.