Online dispute resolution platform Immediation was placed in voluntary administration last week, seven months after the startup’s founder and CEO departed amid a $2.8 million capital injection.
Joanne Dunn and David McGrath from FTI Consulting were appointed administrators to 3 Australian entities: Immediation Pty Ltd (the head company), Immediation Platform, and Disputech IP Holdco, on October 26
The appointment does not include the NZ, UK and US entities within the group.
Dunn, the senior MD of corporate finance & restructuring at FTI Consulting said they were now seeking expressions of interest for a recapitalisation of those entities or a sale of their assets, with indicative offers due by next Wednesday, November 8.
Immediation had raised around $19 million in investment and grant funding since March 2017.
Barrister and founder Laura Keily launched the platform in September 2019 having $1.8 million to that point from boutique investment firm SG Hiscock, corporate broker Patersons Securities and advisory firm Alto Capital.