Popular gourmet meal delivery start-up CoLab is the latest Australian company to go bust

A popular gourmet meal delivery start-up is the latest Australian company to collapse.

CoLab, formerly known as ChefPrep, went into administration last week after failing to receive further funding just two years after its inception.

Founded by Elle Curran and Josh Abulafia, the Sydney-based start-up offered ready meals from 150 restaurants.

CoLab is described on its website as a 24/7 online destination offering a selection of 1500 products from gourmet pantry food and beverages, fresh produce and frozen ready meals to gift packs.

The collapse comes just seven months after CoLab merged with Melbourne-based rival ChefPrep.

The start-up was backed by millionaire entrepreneur Mark Bouris and had previously secured $3 million in funding from Berlin-based venture firms Artesian Ventures and Global Founders Capital.

The co-founders are now looking for a new buyer after a recent funding round fell through.

“The company was in acquisition discussions with a number of companies and EY was appointed as administrator to oversee the sale process and review options to restructure the business,” the two said.

“We appointed EY as administrator when it became clear that we could not continue acquisition talks on the current catwalk

‘We have worked closely with EY throughout the process and are confident in their ability to deliver the best outcome for the business, employees and creditors.’

The start-up continues as normal while the search for a new buyer begins.

EY’s Morgan Kelly and David Kennedy have been appointed as administrators.

“Once the business has stabilized, we are conducting an urgent expression of interest campaign to see if a strategic fit for CoLab can be identified,” they said.

“The current environment is challenging for start-ups, but the system of voluntary administration aims to maximize the chances that a company will continue.

We intend to review all options for CoLab and its stakeholders and will keep everyone informed as administration progresses.’

Founded in 2021 as Co-lab Pantry, the start-up merged with ChefPrep the following year.

“Born out of a shared frustration with mass-produced ready meals and meal delivery, we set out to disrupt our industry,” the website reads

“That means never compromising on taste, quality or convenience while connecting our wider community with Australia’s favorite restaurants, cafes, growers and producers.

There’s more to come

Source: | This article originally belongs to Dailymail.co.uk