The death of Wazypark: A tale of too much money, and no business model

Spain

3 min read

Jun 06, 2018

By David Fernández Day

Photo by non c/Shutterstock.com

It was an investors’ and media darling. But the story of Wazypark got bitter in 2017, when management disputes and ballooning losses culminated in the startup’s final days

The future of Wazypark had seemed promising. Not only did the Spanish car-parking app gain some 600,000 registered users in its early years of launch, it also had the backing of some of the biggest names among local investors.
But by March 2018, the fortunes of the four-year-old startup had utterly soured. Once valued at €10 million (even €15 million, some say), Wazypark had entered an arrangement with its creditors. One of its investors was also a hair’s breadth away from starting a court battle against its founder and CEO, Carlos Rodríguez.
Although the W...

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Edited by Bernice Tang

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