Metigy, an ad tech startup that provides AI-powered marketing solutions for small businesses, has lost 75 jobs as it was handed over to management.
That collapse comes just 20 months after the business raised a $20 million Series B round led by Cygnet Capital amid global ambitions.
Sydney bankruptcy and restructuring firm Cathro & Partners reportedly took over control of the business on Friday 29 July.
Metigy’s Twitter account was optimistic Monday morning, presumably before the company’s 75 staff were informed of the news.
What are your tips for settling in for a new week, new month, and Monday? 🚀📓☕
— Metigy (@metigy) July 31, 2022
Metigy was founded in 2015 by former We Are Social managing partners David Fairfull and Johnson Lin. The purpose is to give small businesses access to the same data and strategic insights that power the world’s best marketing teams.
The platform provides real-time data from social and digital advertising channels as easy-to-understand insights and recommendations.
The company’s CEO, Fairfull, said at the time of raising $20 million:
Metigy’s backers include Regal Funds Management, OC Funds, Five V Venture Capital, and Thorney, with additional early-stage investments from Cygnet, CP Ventures, and We Are Social.
The reasons behind Metigy’s demise are unknown. The company is believed to have been touted to investors in recent months at a $1 billion valuation in search of new capital.
As recently as May, the company’s PR firm reached out to company executives for comment. The PR firm said late Monday that they no longer represent the business.
Metigy did not respond to Startup Daily’s request for comment after the site’s chatbot asked for more information.
Cathro & Partners did not respond to Startup Daily’s request for comment.
Even though Metigy’s website still says “Hiring!” started.
staff shell shock
Akhila Bhatt, Metigy’s product team lead, said she didn’t realize until a few weeks ago that she was writing that the business was in management.
“All of us employees were notified today and are extremely shocked to say the least,” she wrote.
“It’s heartbreaking that our journey ended so quickly when we turned product corners in the past few months and knew what was to come in the next few months.”
Myra Beale, Attorney-at-Law, who left Herbert Smith Freehills & Co. less than 12 months ago to become Metigy’s Chief of Staff and General Counsel, said: If you are a technology company looking for top talent, please contact me directly to discuss the details. We can arrange introductions to team members and provide more information as needed. ”
Clare Riley, who joined Metigy 20 months ago, was about to take on a new role to lead the company’s branding and communications.
“Today I am unemployed along with 75 of my best colleagues 💔 We are pretty shocked,” she wrote.
“It wasn’t because we didn’t care enough, or because we did a bad job, or because market conditions weren’t in our favor. If you work as hard as we do, That’s always the hardest thing to deal with.
“I can’t thank you enough for meeting this group that I now call friends. I’m so sad that I can’t continue on the roller coaster ride with you. No matter how hard it gets, my heart will always be in Startupland.” It is an experience that teaches me a lot about myself and I always choose it.”
Metigy’s transition to management follows in Sydney’s proptech startup’s footsteps After running out of capital last week, Yabonza went into management hands and raised over $15 million over five years.