Toronto-based retail software startup Hubba is shutting down operations after over a decade, resulting in layoffs for an unconfirmed number of its approximately 45 employees. The company, which had raised over $60 million from notable investors like Goldman Sachs, communicated the wind-down decision to investors on Monday. Hubba, once considered one of Toronto's hottest startups with ambitions to reach a $1 billion valuation and an IPO, had faced significant challenges since 2018, including multiple rounds of layoffs and a strategic pivot from enterprise clients to focusing solely on independent retailers. The shutdown marks the end of a venture that aimed to connect independent brands with buyers but ultimately could not sustain its operations.
