Taxi app Hailo needs new funding after £22m losses in 2014

Cab hailing company needs a cash injection in the next three months to continue as a going concern, according to auditor's report on latest accounts

Cab-hailing app Hailo only has enough cash to operate as a going concern for another three months, according to an auditor's report released with the company's 2014 accounts on Sunday.

Over the course of that year, Hailo Network Holdings, Hailo's parent company, made a loss of 21.8m. The majority of that loss, 11.8m, comes from the company's now-discontinued North American business. Until October 2014, Hailo subsidiaries in Canada and the US offered its taxi-hailing service in cities including Toronto and New York.