Rapid grocery delivery service Milkrun will shut its doors on Friday and make its entire staff across Sydney and Melbourne redundant.
The news, first reported by the Australian Financial Review, marks an end to a series of rapid delivery companies that launched over the past two years when interest rates were low and investors were willing to put huge amounts of money into risky ventures.
Milkrun had ambitions to become a “super app”.Credit: Louie Douvis
Milkrun cut 20 per cent of its staff in February, but a spokeswoman for the company claimed at the time that all of its delivery hubs were profitable or breaking even and said it had enough cash to last for 12 months.
The company had repeatedly failed to raise more money from investors. Milkrun documents twice obtained by this masthead showed it was bleeding money to win customers and deliver orders.
More to come
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