Vanhawks reportedly lays off entire staff after running out of money

Vanhawks Valour

Montreal-based Vanhawks, the company behind the Valour connected carbon fibre bicycle, has laid off its entire staff.

Techvibes reported the story after obtaining a copy of an internal email memo. The company will now focus on payroll obligations and taking care of customers and creditors.

The company said that it is in “no position” to offer liquidation to the shares, and are “working on alternative financing options at this time.”

In 2014, the company surpassed their Kickstarter goal of raising $100,000 for their smartbike, with an ultimate raise of $820,000. The company also brought on former Cervelo Bikes designer Mark Remennik as its head of design. Last year the company raised $1.6 million from Real Ventures.

BetaKit has reached out to founder Ali Zahid and will update this story as it develops.