Boosted lays off ‘a significant portion’ of its team as it looks for a buyer
Boosted, the startup behind the Boosted Boards and, more recently, the Boosted Rev electric scooter, has laid off “a significant portion” of its team, the company announced today. The company is now actively seeking a buyer.
Boosted attributes the layoffs to the costs of developing, producing and maintaining electric vehicles and the “unplanned challenge with the high expense of the US-China tariff war,” Boosted CEO Jeff Russakow and CTO John Ulmen wrote in a blog post.
“The Boosted brand will continue to pursue strategic options under new ownership,” they wrote.
Boosted, which got its start back in 2012, made its first foray outside of electric skateboards last year with the launch of an electric scooter. Boosted says more than 100,000 riders have traveled tens of millions of miles on the company’s vehicles.
“We are extremely proud of what our company has accomplished, and gratified to see so many happy customers riding their Boosted vehicles every day,” Russakow and Ulmen wrote.
This perhaps should not come as a surprise. For starters, micromobility is a hard business — one that no company can confidently say it has cracked. Meanwhile, The Verge reported earlier this month that the company was at risk of running out of money. On top of that, Boosted reportedly struggled to pay its vendors for the electric scooter.
“To Boosted’s customers and community, we’d like to thank you for your passionate support and encouragement over the last nine years,” Ulmen and Russakow wrote. “It’s been the thrill of our lives to spend time with you and help shape the future of mobility together. To the Boosted team, you made this company a special place, created multiple generations of incredibly innovative products, and created a compelling global brand; thank you so much for your hard work and dedication over the years.”