Capsize: Capsize, a new travel app that lets you book flights, hotel stays and other essentials online, is shutting down, according to the company’s CEO.The company, which launched in August, has raised $1.5 million from investors including Amazon founder Jeff Bezos, Uber and Tesla CEO Elon Musk.In a statement, Capsize co-founder and CEO David Hochberg said the company was “shattered” and will be shutting down its service by March 31, 2018.”We have to be honest and admit that Capsize was not built for the speed and scale of today’s market,” Hochburg said. “With the right combination of technology, pricing and design, we could have easily had a billion users by now.”Hochberg told CNBC that he didn’t have an exact date for the shutdown, but that the company planned to shut down service “soon.”The company was founded by Hoch and former Google executive David Pogue. In 2016, Hoch was ousted as the company founder after the company made a number of embarrassing mistakes and was forced to take a $1 billion buyout.The Capsize team has been in turmoil since the launch of the app. Its founder said the service would take 10 days to complete its delivery route, but it took more than two months to complete the trip, according of an

in the Washington Post.

In the article, Hoh said Capsize’s service was a failure because it was slow and because it didn’t offer much value.

The app was “not built for scale,” Hoh told the Post.

“It wasn’t built for delivery.”

The app’s team also claimed that it didn and would never have a chance to scale up, because of a number, including the fact that it had to use a Google-owned server.

In response to the news, Hoyl has called Capsize “one of the most important and important companies in the world.”

He told CNBC on Monday that the team is “doing everything in our power to save Capsize.”

“Our goal is to make sure that Capsite can continue as a platform that offers a safe, secure, and affordable way for people to get everything they need from wherever they are in the United States,” Hoyll said.

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