Ultrafast delivery company MilkRun will close its doors and make more than 400 staff and riders redundant.
Ultrafast delivery company MilkRun will close its doors and make all staff and riders redundant, marking an abrupt end for the company which raised one of the biggest early-stage rounds in Australian venture capital history.
“Since we announced our structural changes in February, economic and capital market conditions have continued to deteriorate, and while the business has continued to perform well, we feel strongly that this is the right decision in the current environment.” In Australia, Mr Milham’s MilkRun caught the attention of global VC firms with the same model. Tiger Global Management ledThe start-up’s other investors include local firms like AirTree Ventures, Skip Capital and Grok Ventures – the investment funds backed by Atlassian founders Scott Farquhar and Mike Cannon Brookes respectively.There were reports MilkRun sought to partner with companies like Uber or Coles, potentially on an acquisition.
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