The collapse of the high-flying start-up 12 months ago this week marked the end of the easy-money free-for-all. These new ventures are everything it wasn’t.
Already a subscriber?Before Milkrun collapsed, there was Send. The smallest of three instant delivery services out to carve up the $100 billion a year grocery market quietly went under in the middle of the COVID-19 pandemic. Milkrun, the biggest of the three, called in administrators 11 months later – a year ago this week.
Adams is back with a new housing membership start-up called Daybed. Thibault Henry, the co-founder of Voly, which collapsed in late 2022, has just launched a furniture marketplace called Bazaa. Mark Heath, Voly’s other co-founder, is the chief operating officer of Rumin8, a West Australian start-up that makes an additive to reduce methane emissions from cattle.
Voly never got there. After investors rapidly changed their tune and cut back funding to loss-making companies, it abruptly shut its doors in November 2022.Milkrun’s failure six months later – far from the biggest bloody nose local venture capitalists have suffered – nonetheless marked the end of excess justified by zero interest rates. It was pummelled by leaked financials thatthat stung especially hard against the backdrop of sky-high expectations set by its backers and the media.
In the year since Milkrun failed, the venture capital world has changed. Founders speak of funds willing to invest only if another firm leads the round. Valuations are lower. Unit economics and profitability are key. Being a pedigreed founder is not enough. It’s a far cry from the tens of millions thrown at Milkrun and its peers. Jackie Vullinghs, the partner at AirTree Ventures who led the Sydney fund’s investments into Milkrun, says she had “zero” comment on the saga. Tiger Global, the American fund that led Milkrun’s series A raise, has largely withdrawn from Australia. Peak XV, the new name for Voly’s investor Sequoia India, declined to comment but has previously said it is still looking to invest in Australian start-ups.
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