Metigy, an Australia-based, machine-led marketing platform, reportedly owed employees about $1 million when it went into voluntary administration.
A meeting of creditors was told Metigy had about $220,000 in the bank, had statutory liabilities of more than $2 million, $227,000 owed to suppliers and investors were owed about $32 million. The Australian Tax Office is a likely creditor.
Minutes of the meeting, according to the Sydney Morning Herald, show administrators Cathro & Partners investigating alleged personal asset purchases by founder David Fairfull, a former We Are Social managing partner.
Metigy was founded in 2015 by Fairfull and Johnson Lin, who wanted to give small businesses the same data and strategic insights used by the world’s best resourced marketing teams.
About 75 staff have been left without jobs. They have created a spreadsheet listing those looking for a role. It can be accessed HERE.
The initial funding for Metigy was from Fairfull and We Are Social in 2015, with later rounds from CP Ventures and Cygnet Capital.
Thestartup raised $20 million in a funding round attracted major institutions, led by Cygnet Capital. Others included Regal Funds Management, OC Funds, Five Venture Capital, and Thorney, which added to early-stage investments from Cygnet, CP Ventures and We Are Social. That took total capital raised to $27.1 million.
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