Below is the 2nd half of the article. Shorters read articles like these which trigger them to step it up a gear. There is always a trigger to step it up or back-off . Shorters don't do it for fun but to make money.
Industry in crisis
Tech companies are struggling across Australia as investors have been left spooked by dramatic plunges in valuations making funding harder to find.
The latest tech outfit to be impacted was a Melbourne-based e-sports company called Order,
which raised $5.3 million in funding last year, but collapsed last week with liquidators seeking to sell the business urgently.
Then there was an Australian tech company called Metigy, which
left staff “shell-shocked” by its sudden collapse earlier this month, after it planned to raise money with a valuation of $1 billion.
Last month, Australia’s first ever neobank founded in 2017, Volt Bank, went under with
140 staff losing their jobs, while 6000 customers were told to urgently withdraw their funds.
Other failed businesses include grocery delivery service Send, which went into liquidation at the end of May, after the company
spent $11 million in eight months to stay afloat.
A Victorian food delivery company called Delivr that styled itself as a rival to UberEats and Deliveroo also collapsed in July as it became unprofitable, despite making
more than $6 million worth of deliveries since it launched in 2017 and had 18,000 customers.
Last month,
news.com.au raised questions about another Sydney-based tech firm, D365 Group, which builds software for health, real estate and accounting services.
Staff claim they haven’t been properly paid for months and a contractor has taken the company to court saying his debts were not paid. D365 Group is due in court at the end of August.
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