Metigy, an adtech startup offering AI-based marketing solutions for small businesses, was placed in the hands of administrators, with the loss of 75 jobs.
Its collapse comes just 20 months after the company raised $20 million in a Series B funding round led by Cygnet Capital amid ambitions to go global.
Sydney insolvency and restructuring firm Cathro & Partners is said to have taken control of the business on Friday July 29.
Metigy’s Twitter account took an optimistic stance on Monday morning, possibly before the company’s 75 employees learned of the news.
New week, new month, what are your tips for keeping calm on a Monday? 🚀📓☕
— Metigy (@metigy) July 31, 2022
Metigy was founded in 2015 by David Fairfull, former managing partner of We Are Social, and Johnson Lin, with the goal of giving small businesses access to the same data and strategic insights that run some of the biggest marketing teams in the world. world.
The platform offers real-time data from social and digital advertising channels in the form of easy-to-understand insights and recommendations.
Fairfull, the company’s CEO, said that at the time of its $20 million fundraising, “half of all small businesses fail within the first two years, and marketing – or the lack of effective marketing – is still one of the main reasons”.
Metigy’s backers included Regal Funds Management, OC Funds, Five V Venture Capital and Thorney, which added to seed investments from Cygnet, CP Ventures and We Are Social.
The reasons for Metigy’s disappearance are unknown. As recently as May, the company’s public relations firm was seeking comment from company executives. The PR firm did not respond to Startup Daily’s request for comment.
Metigy did not respond to Startup Daily’s request for comment.
Cathro & Partners did not respond to Startup Daily’s request for comment.
While Metigy’s website still says “We are hiring!” many of the company’s employees have taken to LinkedIn to express their sadness and shock at the company’s sudden demise and to begin searching for new jobs.
Staff in shock
Akhila Bhatt, head of the product team at Metigy, said she didn’t expect her to write a few weeks ago that the company was under administration.
“All of us employees were informed today and are shocked to say the least,” she wrote.
“It’s heartbreaking to see our journey cut short so soon, when I could see we were turning a corner with the product over the last few months and what was to come in the next few months.”
Lawyer Myra Beal, who left Herbert Smith Freehills law firm less than 12 months ago to become Chief of Staff and General Counsel for Metigy, said: “My heart breaks for the 75 incredible and talented employees which have been abandoned today. If you are a technology company looking for great talent, please contact me directly to discuss further. I can arrange presentations to our team members and provide additional information if needed. »
Clare Riley, who joined Metigy 20 months ago, was about to take on a new role leading corporate branding and communications.
“Today I am unemployed, along with my 75 brilliant colleagues 💔 We are quite shocked,” she wrote.
“It’s not because we don’t care enough or because we did a bad job or the market conditions weren’t in our favor – and that’s always going to be the hardest thing to deal with when you work as hard as we do.
“I’m beyond grateful to have met this group of people who I now call friends and I’m so sad that we can’t continue on this roller coaster together. My heart is always in the startup world no matter how difficult it gets. It is an experience that teaches us a lot about ourselves and I will always choose it.
Metigy’s slide into administration follows in the footsteps of Sydney proptech startup Yabonza, which last week was handed over to administrators after exhausting its capital, having raised more than $15 million over five years.