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 »
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 »
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 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 »
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 »
The liquidators of failed adtech startup Metigy, which collapsed into administration in July, just 20 months after raising $20 million in a Series B, have taken a $1.45 million hit on the sale of a country property bought using company funds by the startup’s now bankrupt founder, David Fairfull. Fairfull bought the 48-hectare 4-bedroom property in the… Read more »
American food delivery company DoorDash, which launched aggressively in Australia in 2019, is cutting 1250 staff globally as the sector more broadly tries to stem potential financial haemorrhaging amid a global downturn in discretionary spending. Company CEO Tony Xu broke the news to staff on Thursday, Australian time, saying it was “the most difficult change… Read more »
In an early sign that merger and acquisition activity is about to ramp up in the startup sector in order for companies to survive, Sydney-headquartered courier delivery service Drive Yello has merged with the cafe payments platform Hey You. The merged entity is known as 4You Innovation, and hopes to hit up the market for… Read more »
Welcome to Ignition Lane’s Tech Wrap, where they cut through the noise to bring you their favourite insights from the technology and startup world. Ignition Lane works with ambitious business leaders to apply the Startup Mindset to their technology, product and commercialisation problems. This wrap goes out free to subscribers. Don’t forget you can catch Gavin Appel every… Read more »
Menulog, one of the few surviving meal delivery companies left in Australia following the failure of Deliveroo and grocery delivery startup Voly, is shedding jobs in Australia as part of a global restructure of its Dutch parent company. The Australian-born business, which was acquired UK-based Just Eat for $855 million in 2015, cut stuffing at… Read more »
Kiwi tech company Blackpearl Group (BPG) will list on the New Zealand stock exchange next month – the only IPO for the NZX in the second half of 2022. Blackpearl builds, acquires, and markets data-driven cloud services involving productivity and demand generation applications for small and medium-sized businesses (SMB). Its proprietary data platform, the Pearl… Read more »
David Fairfull, founder of adtech startup Metigy, which collapsed into administration in July, just 20 months after raising $20 million in a Series B, has been declared bankrupt, amid regulator ASIC taking a closer look at potential insolvent trading in the company. AdNews reports that Fairfull went bankrupt this month – his second bankruptcy following… Read more »
When food delivery platform Deliveroo announced it was shutting down Australian operations last week, it cited a tough business environment, but that tough part may actually be a looming court case challenging the company’s contract work model, according to UNSW Business School lecturer Dr Greig Taylor. His view aligns with the Transport Workers’ Union, with… Read more »
New Zealand’s top 200 technology export companies generated NZ$15.117 billion in total revenue for the 2022 financial year, up 9% ($1.247bn) on 12 months earlier, according to the annual Technology Investment Network (TIN) Report. Tech is now the country’s second largest export earner behind dairy and accounts for 14% of NZ’s total export revenue in… Read more »
The cofounder of Sydney-based grocery delivery startup Voly, Thibault Henry, has confirmed the business has shut down, a week after the company ceased operations. Henry used LinkedIn to announce his startup’s demise on Friday morning, saying the company’s existing backers were not willing to support the business further. Last week VOLY deleted all its social… Read more »
The Canva brand is now worth more than Woolies, Telstra and Bunnings
VC-backed crowdfunding platform Stride Equity is offering a new funding model for startups
Female-founded fermentation startup Cauldron lands $10.5 million to transform how new foods and fibres are developed
Shares in Afterpay’s parent company are getting slaughtered after a short seller accused Block of ‘facilitating criminal activity’
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