A drone delivery start-up backed by major local venture capital funds has been placed in administration after falling out with one of its largest backers, who allegedly pressured the firm to take production shortcuts to generate revenue faster.
Swoop Aero, which was backed by CSIRO’s Main Sequence Ventures, Folklore Ventures and Right Click Capital, has appointed BPS Reconstruction and Recovery as administrators, only two years after it turned down a $100 million takeover offer.
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Yolanda Redrup is the editor of the AFR Rich List. She previously reported on technology, healthcare and Street Talk. Connect with Yolanda on Twitter. Email Yolanda at yolanda.redrup@afr.com
Paul Smith edits the technology coverage and has been a leading writer on the sector for 20 years. He covers big tech, business use of tech, the fast-growing Australian tech industry and start-ups, telecommunications and national innovation policy. Connect with Paul on Twitter. Email Paul at psmith@afr.com
Tess Bennett is a technology reporter with The Australian Financial Review, based in the Brisbane newsroom. She was previously the work & careers reporter. Connect with Tess on Twitter. Email Tess at tess.bennett@afr.com
