Agtech startup Goterra enters voluntary administration, flags prospect of sale
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The news: Canberra-based Agriculture tech startup Goterra has entered voluntary administration after failing to secure the investment needed to scale its waste-processing operations.
The context: The appointment follows ASIC fillings showing the company board appointed Teneo’s Daniel Walley and Martin Ford to serve as joint administrators.
In a statement to SmartCompany, a Goterra representative confirmed the startup was unable to secure the investment needed to scale its operation, adding that the administrators intend to sell the business as a going concern.
Founded by Olympia Yarger, Goterra secured a $1.2 million seed round in 2018 from backers including Grok Ventures, Rampersand, Giant Leap and the CAGES Foundation, followed by a further $8 million Series A round in 2020 led by Tenacious Ventures.
The high-profile startup currently counts Melbourne Airport, the City of Sydney, Woolworths, the Hyatt Regency Darling Harbour and Lendlease’s Barangaroo precinct among its commercial clients.
What they said: “Teneo has been appointed and their focus, and ours, is on achieving the best possible outcome through the administration process, including a going concern sale,” a Goterra spokesperson told SmartCompany.
The sources: ASIC, Smart Company
