The dream is over for drone delivery startup Swoop Aero, with creditors voting on Tuesday to place the venture capital-backed business in liquidation.
Swoop raised more than $26 million in VC funding, with CSIRO-backed Main Sequence, impact fund Giant Leap, US investor In-Q-Tel, the defence tech investment arm of the CIA, Artesian, Folklore Ventures, Right Click Capital and Blackbird among its investors, as well as Startmate.
Cofounder and CEO Eric Peck placed Swoop Aero Pty Ltd and Kookaburra Aerospace Pty Ltd in voluntary administration on October 14, hoping a restructure would deliver a path forward, but the second creditors’ meeting this week brought things to an end, just two years after a reported $100 million takeover offer.
“As a founder of the business, my focus now is on bringing the right financial partners and key stakeholders to the table to enable a successful restructure,” Peck said at the time.
“I’m confident that with the right support, Swoop Aero will continue to lead the way in drone logistics, delivering innovative solutions and transforming healthcare and essential goods delivery across the globe.”
Administrators, now liquidators BPS Reconstruction and Recovery…