Investors in cosmetics brand Kester Black say they were only told of the company’s financial hardships weeks after it entered voluntary administration, surprising those who contributed to its $2.1 million equity crowdfunding raise three years ago.
The ethical beauty label secured $2.16 million from nearly 1700 Birchal investors in October 2021, at a valuation of $22 million.
But the company behind Kester Black entered voluntary administration on July 9, in a process that evaporated its share value.
The administration was not publicised, with the brand’s online store and social media channels continuing to offer products as per usual.
The Kester Black business and assets were sold to a related entity on August 1, and creditors…
