Equitise, a local crowdfunding platform that allows companies to raise capital without hiring expensive investment bankers, has failed to secure fresh funding needed to keep its operations afloat and has called in the administrators.

The company operates a platform that lets entrepreneurs tap retail investors for equity, often for their pre-revenue start-ups. It claims to have facilitated $94 million of investments across 167 deals since equity crowdfunding was permitted in Australia in September 2018.