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 »
Deliveroo’s UK HQ announced sudden closure of Australian operations The business placed in voluntary administration Deliveroo said it can’t get to profitability without increased investment The company said it’s not worth it Unions says Deliveroo has always been the outlier in Australia’s gig industry Online food delivery platform Deliveroo has placed its Australian subsidiary… Read more »
A former Tesla Motors Australia director, Kurt Schlosser, has pleaded guilty in Sydney’s Downing Centre Local Court to two counts of insider trading over his purchase of shares in a lithium miner. Schlosser acquired 86,478 shares in US-based, ASX-listed Piedmont Lithium Ltd on September 16, 2020, after he find out, in his role as country… Read more »
Monogramed luxury fashion brand The Daily Edited (TDE) is up for sale after sliding into administration last month. KordaMentha Restructuring is seeking Expressions of Interest to purchase the business. Once valued at nearly $14 million when its cofounders, Alyce Tran and Tania Liu, sold a stake in TDE to fashion brand Oroton in 2017, the… Read more »
Rapid grocery delivery startup Voly appears to have ceased deliveries on Friday evening, with users on the app receiving a message saying the business is “closed until further notice”. “Our hours are: Mon-Sun Closed” the app said when Startup Daily attempted to place an order. Earlier this week the company reportedly cut staffing for the… Read more »
ASX-listed accounting platform Xero has more than doubled its net loss on the previous year to the chagrin of investors who wiped more than $1 billion from the company’s valuation following the announcement and news that CEO Steve Vamos is stepping down after nearly five years at the helm. The New Zealand tech company’s half… Read more »
Australia’s three largest internet service providers, Telstra, Optus and TPG have copped Federal Court penalties totalling $33.5 million after they all admitted to making false or misleading claims about their NBN plans. Telstra was ordered to pay $15 million, Optus $13.5 million, and TPG $5 million for breaching the Australian Consumer Law (ACL) in relation… Read more »
As red ink goes for tech companies, SafetyCulture did ok last financial year, posting a cash loss of $35.5 million in the 2022 financial year, up around 50% on FY21’s $23 million loss. Last week Nasdaq-listed Atlassian revealed its results – a A$52 million operating loss for the September quarter. ASX-listed BNPL Zip Co posted… Read more »
US-based Australian tech giant Atlassian has seen revenue rise by nearly a third (31%) to US$807 million in the first quarter (Q1) of the 2023 financial year, but the 20-year-old business continues to post losses as growth begins to slow. Quarterly subscription revenue grew by 50% on 12 months ago, to US$651 million, but the… Read more »
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