A Dunedin-founded wine fermentation tracking company has been put into liquidation, with total liabilities of more than $2.2 million.
Winely, founded by Jacob Manning and Abbe Hyde, was incorporated in 2018 to develop and manufacture technology to provide real-time fermentation analysis to the wine industry.
In their first report, liquidators Andrew McKay and Rees Logan, of BDO Auckland, said the business operations were financed through external private equity investment, together with secured debt, grant funding and loans from Callaghan Innovation Funds.
Repayment of investment funds failed to occur in accordance with undertakings and earlier this year the primary funder sought an independent review of the company’s financial…