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Canoo

EVUSA
New to Unitard
💀 Dead / Bankrupt
Peak $2.4 BillionToday
~-99%
from peak
  1. 🦄
    Became a unicorn
    2020
  2. 📈
    Peak valuation
    $2.4 Billion ’20
  3. 💔
    Became a Unitard
    ~2022
  4. 💸
    Last valuation
    Wiped out
Capital raised
$595M
Total raised
$323K/day
Raised per day

Total raised averaged per day over approximately 5.0 years from founding to bankruptcy or shutdown. This is not measured cash burn. Methodology

Funding: TechCrunch
Current status
Chapter 7 (Jan 2025); liquidation

The rise & fall

6 moments · 2017–2025

The key moments, with employee sentiment along the way.

2017
Founded as Evelozcity
Ex-BMW and Faraday Future executives set out to build a modular electric "lifestyle vehicle"; the Canoo rename comes in 2019.
TechCrunch
Dec 2020
The peak: a $2.4B SPAC debut$2.4B
Merges with Hennessy Capital and lists on Nasdaq as GOEV, pitching modular EVs and subscription models.
TechCrunch
2021
Executive exodus, strategy whiplash
Leadership churns as new CEO Tony Aquila reshapes the plan, and regulators open an inquiry into the SPAC deal.
TechCrunch
2022
Falls out of the club
Chronic cash shortages and going-concern warnings drag the stock far below its SPAC-era value, with barely any vehicles built.
TechCrunch
From the inside · Glassdoor reviews, 2023–24
Employees saw the end coming: Glassdoor reviews flagged critically low cash by mid-2023, and in the final months insiders recounted rolling furloughs — staff brought back only to be furloughed again, then laid off outright.
Jan 2025
Chapter 7 — joins the Unitard Club 💔
After ~$595M raised and minimal production, Canoo files for liquidation — roughly 99% of its value gone.
TechCrunch
$2.38Bof peak value erased · 5 years

💬 entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗; dated facts carry their source.

How it happened

Canoo was a US electric-vehicle startup valued around $2.4B after a 2020 SPAC merger, pitching modular EVs and subscription models. It struggled with chronic cash shortages, leadership turnover, and minimal production. Canoo filed for Chapter 7 bankruptcy and liquidation in January 2025, wiping out roughly 99% of its value.

Source: TechCrunch/Quartz

Where they went

  • Tony Aquila
    executive chairman & CEO
    Investor & Board Observer at The Lost Explorer Mezcal Company
    LinkedIn ↗
  • Stefan Krause
    co-founder & CEO (founded it as Evelozcity in 2017; ex-CFO of Deutsche Bank)
    Partner & CEO at Factory Network
    LinkedIn ↗
  • Ulrich Kranz
    co-founder & CTO (ex-BMW senior executive)
    Not on record

Current roles as self-reported on LinkedIn, retrieved 2026-08-21. See our methodology.

Disclosed investors (2)

Historical funding participation; lists may be incomplete and do not establish current ownership or investor losses.

* Lead in a funding round · Crunchbase ↗ · 2026-10-13 · Methodology · Leaderboard

More from the club

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