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Photo: Nanolayr
An Auckland-based nanofibre textile company with backing from well-known venture capital firms, has been placed into voluntary administration.
Nanolayr, which was founded in 2009, appointed Stephen Keen and Russell Moore of Grant Thornton as administrators on Thursday.
Grant Thornton NZ said voluntary administration was due to a number of factors, including New Zealand being too far from key markets, and as Nanolayr could not get enough investment to reach “commercial revenue scale needed to become profitable”.
Nanolayr had well-known backers, including Movac Fund, Icehouse Ventures, Sir Stephen Tindall’s K1W1, and Ngāi Tahu.
The administrators were seeking expressions of interest from potential…