Online health brands company Eucalyptus is putting the $50 million it recently raised to use acquiring the online assets of the Australian Jenny Craig brand from its administrators as the rest of the weight loss business looks set to be liquidated. Voluntary administrators FTI Consulting were appointed on May 9, but a month on, have… Read more »
Link-in-bio startup Linktree has cut staffing again, with 27% of its workforce, mostly in Australia and New Zealand, to depart as the company turns its attention to the US. Cofounder and CEO Alex Zaccaria told staff in an email that with the US being their largest market, with the White House and the Denver Nuggets… Read more »
The “global first” of $5 a litre “raw” milk has not been the innovation goldmine the founders of diary tech startup Made by Cow had hoped, with the business placed in voluntary administration last week and closing its doors. The Sydney startup developed a patented method to treat milk so it was safe to drink… Read more »
Victorian alcohol delivery startup Hairydog Group has added rival BoozeBud to its portfolio, acquiring the company’s assets a month after the business was placed in administration. The terms of the deal were not disclosed by Hairydog says the acquisition will push its annual revenue above $75 million, delivering incremental profitability and reinforcing its position as… Read more »
The battle for control of failed renewable energy startup Sun Cable between billionaires Mike Cannon-Brookes and Andrew Forrest has been won by the Atlassian cofounder. Sun Cable’s voluntary administrators FTI Consulting, announced on Friday afternoon that they’d entered into an asset sale agreement (“ASA”) with Helietta Holdings 1 Pty Ltd, an entity affiliated with Grok… Read more »
Sydney coworking community and service provider Tank Stream Labs has opened a new CBD office for dedicated to social impact companies, with support from ASX-listed jobs marketplace Airtasker. The partnership means Tank Stream Labs can offer even more affordable office space to social impact companies making a positive impact in their communities, environment, and other… Read more »
When rapid grocery delivery service Milkrun shut down suddenly last month, many acknowledged the impact that startup had on improving a moribund sector dominated by lethargic supermarket giants. Founder Dany Milham said at the time “I believe the impact that the Milkrun team had on the industry will be long lasting”. The startup certainly had… Read more »
Hospitality ordering platforms Mr Yum and Me&u are exploring a potential merger as their rapid ascent during Covid begins to plateau post pandemic. A spokesperson for Mr Yum confirmed to Startup Daily that talks are currently underway. “Mr Yum confirms that it is in preliminary discussions with me&u regarding a potential merger to accelerate the… Read more »
A torrid 12 months for startups in the food sector has also had an impact on one of the most high profile ventures, the billionaire-backed faux meat company v2food. Founder and CEO Nick Hazell, a former former Masterfoods and PepsiCo executive, has left the business and the 4-year-old startup’s $20 million Wodonga production plant is… Read more »
Labor’s second budget in 7 months focused on cost-of-living pressures, with modest concessions for the business sector in an equally tough economic environment. The $392 million Industry Growth Program (a revamped version of the former government’s Entrepreneurs’ Program and Accelerating Commercialisation grant program, with increased funding), was the headline act. The program will support SMEs… Read more »
Blockchain provenance startup Everledger has been placed in voluntary administration after an existing investor failed to follow through on the 2nd tranche of their funding. The Brisbane tech company, founded in 2015 by former Queensland chief entrepreneur Leanne Kemp, offers supply chain traceability using blockchain, artificial intelligence, intelligent labelling and Internet of Things. They were… Read more »
Atlassian’s March quarter revenue has grown 24% on 12 months ago to $915 million (A$1.365bn), with subscription revenue up 37% to $761 million (A$1.136bn), but last year’s US$32.9 million profit has turned into an operating loss of US$161.6 million (A$240m) for Q3 in FY2023. The US-listed (NASDAQ: TEAM) Australian workplace software giant released its quarterly… Read more »
The 2020 decision by the founders of BoozeBud to buy back their online drinks retailer from Japanese brewing giant Asahi Beverages has not panned out as planned, with voluntary administrators taking control of the business on Tuesday and shutting down sales. A majority of the board members had resigned over the recent months and the… Read more »
Electric delivery bike startup Zoomo has cut staffing for the second time in six months, making 27 roles redundant, just weeks after the collapse of major client Milkrun. “Zoomo has made the difficult decision to reduce its overall headcount by 8%. The restructure will accelerate our path to company-wide profitability in 2024,” a statement from… Read more »
Providoor, the restaurant meal delivery service born in response to the Covid lockdowns, has been fallen victim to their end, and was handed over to liquidators today. Melbourne chef and Providoor founder Shane Delia confirmed the demise of the business, effective immediately, after just three years, on Friday afternoon. “While today is a very sad… Read more »
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