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.
Misha Saul, left, the head of EVP’s Opportunities Fund led a $17 million capital raising in StrongRoom AI, which was co-founded by childhood friends Max Mito and Christopher Durre. Tim Beor
January was a good month at StrongRoom AI. The pharmaceutical software start-up was celebrating its seventh birthday with an office party and a company-branded cake. More importantly, investors were queueing up. StrongRoom’s co-founders – Max Mito, Christopher Durre and Kieran Start – were on the cusp of bringing in $17 million, a fundraising round that would ultimately hand the company a $70 million valuation.
“As we look back over the past seven years, we’re deeply humbled and inspired by how far we’ve come ... we’ve achieved milestones that once seemed like dreams and it’s all thanks to our dedicated team, supportive partners and amazing community,” the founders said on LinkedIn.
Tess BennettTechnology reporterTess 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
Amelia McGuireBusiness reporterAmelia McGuire covers technology from the AFR's Sydney newsroom. She was previously the aviation, tourism and gambling reporter for The Sydney Morning Herald and The Age. Connect with Amelia on Twitter. Email Amelia at a.mcguire@afr.com.au
