Andrew Barnes
Business

Queensland edtech unicorn Go1 gobbles up UK rival Anders Pink

- January 26, 2023 2 MIN READ

Brisbane workplace learning platform Go1 has acquired five-year-old rival British content curation startup Anders Pink. The deal went through late last year for an undisclosed sum amid as part of Go1’s push into the European market after also acquiring Swiss-French edtech Coorpacademy, which delivers French and German language content. It was a busy year for… Read more »

Brosa cofounders Richard Li and Ivan Lim.
Business

Furniture startup Brosa to fold leaving customers $5 million out of pocket

- January 24, 2023 3 MIN READ

Venture capital investors aren’t the only ones burnt by the collapse of upmarket furniture retailer Brosa, with customers left around $5 million out of pocket on products they paid for buy didn’t get, a report on the startup’s finances by administrators, KordaMentha, reveals. Brosa was placed in Voluntary Administration on December 14 with assets of… Read more »

Mike Cannon-Brookes
Business

Mike Cannon-Brookes lends Sun Cable $65 million to keep the show on the road as its administrators look for a buyer

- January 24, 2023 2 MIN READ

Atlassian cofounder and billionaire investor Mike Cannon-Brookes has lent Sun Cable, the startup behind a $30 billion project to send solar power to Singapore, $65 million to keep operating as the company’s voluntary administrators look to sell the business. Cannon-Brookes is making the no interest loan through his family venture capital firm, Grok Ventures after… Read more »

Richard White
Business

WiseTech’s billionaire founder, Richard White, snaps up regtech venture Kyckr

- January 12, 2023 2 MIN READ

Richard White, the Sydney-based billionaire founder of ASX-listed freight logistics business WiseTech Global, has acquired recently delisted data services company Kyckr. The deal is worth around $43.5 million, and was made throughWhite’s personal investment vehicle RealWise KYK AV Pty Ltd. Kyckr provides real-time Know Your Customer (KYC/KYB) and and Ultimate Beneficial Owner (UBO) data from… Read more »

Mike Cannon-Brookes
Business

The $30 billion Sun Cable project hits voluntary administration amid falling out between billionaire backers Mike Cannon-Brookes and Andrew Forrest

- January 12, 2023 2 MIN READ

A $30 billion project to send solar-generated power made in Australia to Singapore has been placed in voluntary administration (VA) amid a reported falling out between its key backers, the tech and mining billionaires Mike Cannon-Brookes and Dr Andrew Forrest. Cannon-Brookes and Forrest are cornerstone investors in Singapore-based Sun Cable – the Atlassian co-founder through his private… Read more »

Sydney
Business

Digital twin startup Willow cuts 99 staff on Christmas eve, just a week after raising $42 million

- December 23, 2022 2 MIN READ

Nearly 100 staff at real estate and infrastructure digital twin startup will be looking for next jobs in the new year after the company cut 22% full-time employees and contractors, less than 10 days after announcing it had raised US$28.8 million (A$42m). The Sydney- and US-based startup is backed and chaired by former Macquarie CEO Nicholas… Read more »

The Daily Edited
Business

The administrators of The Daily Edited found a buyer in veteran retailer Bernie Brookes

- December 23, 2022 3 MIN READ

Monogramed luxury fashion startup The Daily Edited (tde.) has new owners, with the owners of budget fashion brand Colette by Colette Hayman (CBCH), acquiring the brand from administrators KordaMentha. Parent business BJM is owned and chaired by former Myer boss Bernie Brookes. The sale price was not disclosed. Founded in 2014 by Perth-based former corporate… Read more »

Brosa cofounders Richard Li and Ivan Lim.
Business

Kogan snaps up failed furniture retailer Brosa for $1.5 million

- December 22, 2022 3 MIN READ

ASX-listed online retailer Kogan.com has swooped on another distressed asset, acquiring failed furniture brand Brosa a week after it was placed in voluntary administration. Administrators KordaMentha reached a deal with Kogan.com (ASX:KGN) to buy Brosa’s assets for $1.5 million after more than 30 parties expressed interest in the 48 hours after the business was placed… Read more »

Business

DEHORNED UNICORN: The Superhero-Swyftx merger is over

- December 21, 2022 3 MIN READ

The deal to merge share trading platform Superhero and crypto exchange Swyftx, which was supposed to create a fintech unicorn, is over. Superhero founders John Winters and Wayne Baskin are resuming control of their business as Swyftx grapples with the fallout from the collapse of US crypto exchange FTX and concerns of money laundering by… Read more »

Business

TEG, the entertainment giant behind Ticketek, takes a majority stake in sports star marketplace FAN+

- December 20, 2022 2 MIN READ

Global live entertainment and ticketing giant TEG has taken a majority stake in three-year-old Sydney startup FAN+. The terms of the deal were not disclosed. FAN+ was founded by former Sydney Kings CEO Rod Hary in 2019, getting its initial momentum as part of the Qantas AVRO accelerator, and the following year, the sports-focused HYPE… Read more »

Business

Melbourne delivery service YourGrocer is the latest startup to go under

- December 19, 2022 2 MIN READ

Longevity has not been enough to save nine-year-old Melbourne delivery service YourGrocer, which shuttered its doors on Friday, just weeks after seeking to raise more than $1 million via crowdfunding. YourGrocer CEO Morgan Ranieri, a cofounder of profit-for-purpose venture, Thankyou, launched his grocery venture in 2013, taking a more boutique approach, working with around 85… Read more »

Brosa cofounders Richard Li and Ivan Lim.
Business

Airtree Ventures and Bailador-backed ecommerce venture Brosa hits voluntary administration

- December 16, 2022 2 MIN READ

Online furniture retailer Brosa is up for sale after the business was placed in voluntary administration this week. Richard Tucker and Michael Korda of KordaMentha were appointed Voluntary Administrators of the 8-year-old ecommerce company, which raised more than $7 million in venture capital from the likes of Airtree and ASX-listed Bailador Technology Investments. While Bailador… Read more »

Deliveroo rider
Business

Deliveroo puts $18.8 million on the table as it leaves town – after losing $33 million this year

- December 14, 2022 2 MIN READ

Deliveroo was losing around $3 million a month on its Australian operations, administrators KordaMentha found, with revenue sliding this year in the wake of 2021’s pandemic lockdowns. The business has put a Deed of Company Arrangement (DOCA), backed by the administrators, on the table offering a total of $18.8 million to staff, delivery riders and… Read more »

Business

Tank Stream Labs launches business services suite for startups

- December 13, 2022 2 MIN READ

Technology community Tank Stream Labs has launched a portfolio of business services spanning areas such as recruitment and law to help founders build their business. The Tank Stream Labs (TSL) Group is a collection of service companies providing startups and SMEs with specialised services to support business development, audio and video content production, talent acquisition… Read more »