Metigy, an adtech start-up that offers AI-powered marketing solutions to small businesses, has been put into receivership, shedding 75 jobs.
It comes 20 months after the business raised $20 million in Series B led by Signet Capital amid its ambitions to go global.
Sydney insolvency and restructuring firm Catro & Partners took over the business on Friday, July 29th.
Metigy’s Twitter account showed a glimpse Monday morning, perhaps before the company’s 75 employees got the news.
What tips do you have for keeping calm on a new week, new month, Monday? 🚀📓☕
– Metigy (@metigy) July 31, 2022
Metigy was founded in 2015 by former We Social management partner David Fairfull and Johnson Lynn with the goal of giving small businesses access to the same data and strategic insights that drive some of the world’s marketing teams.
The platform provides simple insights and recommendations to easily understand real-time data from social and digital advertising channels.
According to the company’s CEO, Fairfull, who raised $20 million, “half of all small businesses fail in the first two years, and marketing – or the lack of effective marketing – is always one of the main reasons.”
Metigi’s backers include Regal Fund Management, OC Funds, Five V Venture Capital and Torney, adding to early stage investments from Cygnet, CP Ventures and We Are Social.
The cause of Mattie’s death is unknown. In recent months, the company is believed to be touting a billion-dollar valuation to investors as it seeks new capital.
As recently as May, the company’s PR firm was visiting company executives for feedback. The PR firm said late Monday that it no longer represents the business.
Metigy did not respond to Startup Daily’s request for comment after the site’s chatbot sought more details.
Catro and Partners did not respond to a request for comment from Startup Daily.
The MetG website still says “We’re Hiring!” Meanwhile, many of the company’s employees have taken to LinkedIn to express their grief and shock at the company’s sudden death and to search for new jobs.
The workers were shell shocked
Metigi product team leader Akila Bhatt said she did not expect the business to be in administration when she wrote weeks ago.
“All of us staff were informed today and are shocked to say the least,” she wrote.
“It’s a shame that our journey has to end so early as we’ve been turning the corner with the product over the past few months and what’s to come in the next few months.”
Attorney Myra Beal, who left law firm Herbert Smith Freehills 12 months ago to become Metigi’s chief of staff and general counsel, said: “My heart goes out to the 75 wonderful and talented staff who have lost their lives today. If you are a tech company looking for great talent, please contact me directly to discuss further. I can prepare introductions for our team members and provide additional information as needed.
Clare Riley, who joined Metigy 20 months ago, will take on a new role leading the company’s brand and communications.
“Today I am out of a job with 75 of my talented colleagues 💔 we are shocked,” she wrote.
“It’s not because we didn’t care enough or did a bad job or the market wasn’t right for us – and when you work as hard as we did, that’s always the hardest part.
“I’m so grateful to have such a group of people that I can call friends and I’m so sad that we can’t continue this rollercoaster together. No matter how hard it is, my heart is always in the land of beginnings. It’s an experience that teaches us a lot about ourselves and I always prefer it.”
Metigi’s entry into management follows in the footsteps of Sydney’s protech startup Yabonza, which went into receivership last week after running out of capital, has raised more than $15 million in five years.