Updater's unicorn valuation on hold after prospective investor walks

Jemima Whyte and Liz Main

Apr 2, 2019 – 5.53pm

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Updater, which controversially delisted from the Australian Securities Exchange in October to seek a better valuation in the United States private markets, has delayed its planned capital raising after an investor walked away from the deal.

The company, which provides services to people moving house via an app, said “one prospective co-investor” had walked from the fundraising process, and management had decided to “delay the book building”.

Jemima Whyte writes on business, specialising in companies, capital markets and innovation. Jemima has reported on business for The Australian Financial Review for more than 13 years.

Liz Main is a journalist for The Australian Financial Review based in the Melbourne office.