Residential property administration startup Totally different, has been handed to directors, unable to draw new capital, regardless of being backed by Airtree and the Commonwealth Financial institution’s enterprise arm, X15.

Seven-year-old Totally different Applied sciences Pty Ltd was positioned in voluntary administration with KPMG on Thursday.

Based in 2017 by expat Silicon Valley entrepreneurs, Mina Radhakrishnan, a former Uber world head of product at Uber, and her husband, Ruwin Perera, whose CV contains Google and SoftBank, :Totally different digitises property administration duties involving paperwork and admin for homeowners, buyers and renters.

The startup raised $1 million in seed funding from the likes of AirTree Ventures, Silicon Valley’s Basis Capital, and actual property agent Tim Foote when it launched. CBA’s x15 Ventures made an undisclosed funding in 2021 and Totally different was added to the CommBank app, to assist property buyers. The corporate has hundreds of householders, tenants and properties on its platform and continues to function beneath administration.

In a message to workers yesterday, Radhakrishnan mentioned they’d been attempting to boost funds however didn’t “safe sufficient to proceed working the enterprise because it’s presently being run for any important time frame” and the board determined to nominate KPMG as voluntary directors.

“Suffice to say the capital markets for scale-ups at our stage of progress are extremely difficult proper now,” she wrote.

“We’ll work intently with KPMG to offer what we now have constructed the very best likelihood of getting an ongoing optimistic impression.”

They known as a halt to the corporate’s progress and integration of its Totally different for Companies product and at the moment are engaged on a “clean transition of administration over time”.

“Whereas this isn’t the vacation spot that we have been hoping to attain with :Totally different, each Ruwin and I are terribly grateful to every one among our staff for becoming a member of us on this journey thus far, and grateful for the onerous work and energy that you’ve got put in,” she mentioned.

Mina Radhakrishnan can be a board member of the Tech Council of Australia.

A spokesperson for KPMG mentioned they’ve “commenced an pressing evaluation of the enterprise with the intent to start an orderly sale of :Totally different’s property and mental property as quickly as potential”.

A scarcity of ongoing capital for future progress echoes an identical failure for an additional high-profile Airtree funding, Milkrun, with the grocery supply service shutting down in early April simply weeks after founder Dany Milham lower staffing by 20%, saying it could give the 19-month-old enterprise sufficient runway for 12 months. The model was subsequently acquired and revived by Woolworths in late Could for a rumoured $10 million, having raised greater than $80 million from VCs.

One other Airtree funding, on-line furnishings retailer Brosa slid into voluntary administration in late 2022. It had raised $2 million from AirTree Ventures in 2015, then an additional $5 million in a Sequence B in 2017, backed by AirTree, BMY Group, and Bailador. ASX-listed on-line retailer Kogan.com paid the directors $1.5 million for the corporate’s property. However the collapse left Brosa clients $5 million out of pocket alongside buyers.