Australia’s first commercial circular economy solutions company, Goterra, has entered voluntary administration after being unable to raise enough capital to scale and operate efficiently. Daniel Walley and Martin Ford from Teneo have been appointed administrators.
In a statement on LinkedIn, Goterra CFO, Daniel Papallo, said the company had spent over a year pitching to hundreds of potential investors in Australia and overseas, but had been unable to raise the money needed in the time they had.
“This was not a charity. We have a clear plan to build a very profitable network business that has global potential. There is a clear customer need – anywhere there are humans producing food waste – and huge revenue potential. You also…