This Month
StrongRoom AI attracts 10 prospective buyers despite dire finances
The near insolvent pharmaceutical start-up has made 23 of its 45 staff redundant after requests from interested parties to reduce its costs, administrators say.
Sports stars Sam Kerr, Pat Cummins, Dylan Alcott back tech VC fund
A venture capital firm backed by 100 of Australia’s biggest sports stars has closed its first fund after raising $25 million in three months.
From a Moroccan villa to the courtroom: how StrongRoom AI’s good times went bad
Court filings that allege fraud at the tech start-up paint a picture of company funds being used to fund a lavish lifestyle of foreign trips and fine dining.
EVP claims StrongRoom founder admitted to fraud, faked accounts
Documents filed by the venture capital firm also allege one of the software start-up’s directors used company money to pay for a holiday to Morocco.
Canva shocks employees with AI-related job cuts
The design software giant has laid off 10 technical writers nine months after telling them to embrace generative artificial intelligence tools.
StrongRoom AI administrators launch firesale despite freezing order
HLB Mann Judd said it would seek “urgent” bids for the pharmacy software start-up’s assets this week even as it clarifies whether they can be sold.
StrongRoom investors at war as founders hit with freezing orders
A European venture capital firm has accused EVP of destroying the prospects of the pharmaceutical software start-up after reporting the company to police.
March
Inside StrongRoom’s breakneck trip from hero to zero
Three months ago, the pharmacy software start-up was on top of the world. New investors, plenty of blue sky. Then came the allegations from its new backers.
StrongRoom AI goes into administration two weeks after $70m valuation
The future of the software start-up, which will be put up for sale, has been in doubt since EVP, a venture capital investor, raised doubts about its finances.
Lenders move on StrongRoom AI’s bank accounts amid police inquiries
The pharmacy software start-up was accused of financial misrepresentation by one of its newest and largest venture capital investors earlier this week.
Used car refurbisher and dealer Carma hopes to break the IPO drought
Should it proceed with an initial public offering, it would counter a trend of venture-backed companies delaying listings for years or even indefinitely.
Three young venture capitalists get creative to break through
It’s a cut-throat world, and that’s not just for the start-ups scrambling to raise money. Many junior dealmakers need to think differently to progress.
After 43 years, local tech pioneer NetComm heads for the scrapheap
Modem maker NetComm Wireless was once a star of the local tech scene. But its Nasdaq-listed owner has filed for bankruptcy after a year of ownership.
Late Immutable accounts a glimpse into crypto game developer’s health
The Australian developer behind popular online video games Gods Unchained and Guild of Guardians said revenues had jumped after a near $80 million loss in 2023.
Rising stars take lead by looking beyond the boys club
Tech high-fliers say look past its reputation for male domination, find a mentor and seek out roles with responsibility for managing profit and loss accounts.
Liam Millward founded Instant at 17. It’s now worth $100m
With co-founder William Gao, the entrepreneur has snared new investment from Blackbird and European venture capital funds for the automated marketing company.
February
Cannon-Brookes sacked CFO for ‘very significant’ transfer to his wife
The couple separated almost two years ago, and are in the midst of a messy fight as they split some $24 billion of assets after a 13-year marriage.
The secretive billionaire who has had Richard White’s back for 20 years
WiseTech director and major shareholder Charles Gibbon has always been known as the master of the exit. How will he navigate WiseTech’s latest governance saga?
Mike Cannon-Brookes wins injunction as asset split with wife gets ugly
The Atlassian billionaire has won his court battle to injunct the former secretary of his family office for sharing information with Annie Cannon-Brookes.
Cannon-Brookes sues secretary for sending secrets to estranged wife
Barristers acting for the billionaire said his company’s private secretary had sent confidential files including police checks on Christmas Day.