The parent company of equity crowdfunding platform VentureCrowd has plunged into administration, with an initial meeting of creditors hearing claims of $7.3 million in outstanding debts.
But co-founder and chief executive officer Steve Maarbani has called the process a corporate debt restructure, with VentureCrowd’s operating subsidiaries and managed funds unaffected by the process.
Launched in 2013, the Sydney-based VentureCrowd hosts funding campaigns for high-growth private companies, construction projects, and sidecar funds.
In 2022, the business used its own crowdfunding platform to raise $3.9 million for VentureCrowd Holdings Pty Ltd, as part of a broader $10 million Series A round.