MilkRun, the rapid local delivery service, will close and make its staff redundant, bringing an abrupt end to a company which raised one of the biggest early-stage funding rounds in Australian venture capital history.
The demise of MilkRun, which attracted a string of heavyweight backers including Mike Cannon-Brookes, Scott Farquhar and AirTree Ventures, follows the closure of Send, Voly and Quicko, as investors grow increasingly wary of start-ups which have an unclear path to profitability.
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Mark Di Stefano is Rear Window columnist, based in the Sydney newsroom. He previously worked at BuzzFeed, the Financial Times and The Information before joining the Financial Review as a media and tech correspondent. Connect with Mark on Twitter. Email Mark at mark.distefano@afr.com
Jessica Sier is the North Asia Correspondent for The Australian Financial Review. She is based in Tokyo, Japan. Jessica has previously written on technology, global capital markets and economics. Connect with Jessica on Twitter. Email Jessica at jessica.sier@afr.com
