This year is off to a rough start with yet another electric skateboard company coming to an end. And not just any brand, Boosted Boards. The company that basically created the market for electric skateboards.
Boosted’s CEO Jeff Russakow and CTO John Ulmen announced this in a blog post on the company’s website. Boosted has laid off a “significant portion” of its roughly 130-person team amid serious cash trouble.
Part of the reason is the trade war between China and the United States, which forced a 25% tariff on all Boosted products imported from China to the US. This took a hit on funds available to Boosted.
Moving into new industries like electric scooters had proven to be a hard and expensive task. Boosted has struggled financially since attempting to add a rugged electric scooter called the Rev to its lineup last year, as The Verge first reported in February. Russakow said at the time that Boosted was in the “fund-raising process” and was “far along in advanced talks with a new investor and current investors to finalize our next round,” and that the company “has not had any layoffs, and no layoffs are planned or pending.” What happened to those talks is unclear.
Currently, customer service at Boosted has been shut down. It is unclear what the future brings for customers who currently have shipped their product to Boosted for repairs.
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