---
title: "Why GoMyWay shut down"
description: "Nigerian ride-sharing startup GoMyWay, backed by $175K in pre-seed funding, shut down around October 2017 after roughly two years of investor-funded user acquisition without a sustainable revenue model, as riders and drivers increasingly transacted offline after connecting through the app."
canonical_url: "https://liners.com/graveyard/gomyway"
markdown_url: "https://liners.com/graveyard/gomyway.md"
type: "graveyard"
language: "en"
image: "/graveyard/gomyway/certificate.png"
published_at: "2026-07-31T17:41:07.836Z"
updated_at: "2026-07-31T17:41:07.836Z"
---

# Why GoMyWay shut down

Nigerian ride-sharing startup GoMyWay, backed by $175K in pre-seed funding, shut down around October 2017 after roughly two years of investor-funded user acquisition without a sustainable revenue model, as riders and drivers increasingly transacted offline after connecting through the app.

## Breadcrumbs

- [Graveyard](/graveyard)
- [GoMyWay](/graveyard/gomyway)

## Summary

Here lies GoMyWay. It offered Nigerians affordable carpooling and later interstate rides, run for two years on pre-seed money. But riders and drivers simply paid each other offline after matching, so the platform earned nothing. Everyone got where they were going except the business.

Nigerian ride-sharing startup GoMyWay, backed by $175K in pre-seed funding, shut down around October 2017 after roughly two years of investor-funded user acquisition without a sustainable revenue model, as riders and drivers increasingly transacted offline after connecting through the app.

## Product history

| Field | Value |
| --- | --- |
| Fate | ShutDown |
| Primary cause | BusinessModel |
| Stage at shutdown | Pre-seed |
| Lifespan in days | 1004 |

## Autopsy report

## What the product attempted

GoMyWay was a ride-hailing/carpooling platform aiming to provide affordable transportation in Nigeria, later expanding to interstate routes.

## What worked

GoMyWay operated for about two years on investor capital and expanded its service to interstate routes; CEO Damilola Teidi was praised for directly and transparently informing customers of the shutdown, an unusual move in the Nigerian startup scene.

## Early warning signs

Riders and drivers had strong incentive to move transactions offline after matching through the app, eliminating the platform's revenue capture; nationwide/interstate expansion raised passenger-security concerns and high marketing costs without a matching revenue stream.

## What happened

GoMyWay grew its user base for roughly two years using its $175K pre-seed investor capital but never established a working monetization strategy, as users routinely completed rides and payments offline after connecting via the app. Interstate expansion added security concerns and cost without offsetting revenue. CEO Damilola Teidi announced the shutdown directly to customers around October 2017.

## Sources

- [Post mortem: "GoMyWay", a Nigerian Start-up that just failed](https://nairametrics.com/2017/10/06/post-portem-go-my-way-a-nigerian-start-up-that-just-failed/?ref=startupgraveyard.africa): Nairametrics

## Related pages

- [GoMyWay alternatives](/gomyway/alternatives)
- [Liners Graveyard](/graveyard)

## Access and citation

- [Canonical HTML page](https://liners.com/graveyard/gomyway)
- [Markdown route index](/sitemap.md)
- [Agent access guide](/llms.txt)