Send, a 10-minute grocery delivery app, has been placed in voluntary administration less than 12 months after in launched, in an ominous sign for the rapid grocery delivery market.
Matthew Kucianski and Matthew Jess of Worrells were appointed Voluntary Administrators of Send App Pty Ltd, on Tuesday this week.
The company has around 300 employees and 46,000 registered users, operating in more than 50 inner city suburbs across Sydney and Melbourne. It launched in September last year after closing a $3.1 million VC round backed by Germany’s Cherry Ventures and New York’s FJ Labs. Its network includes 13 sites, including several dark grocery stores in the two capitals.
Send initially promised home-delivered groceries in 15-minutes before tweaking its promise to the 10-minute deadline set by numerous rivals both locally and in the US.
Co-founder Rob Adams is a self-confessed high school dropout in his late 20s from Sydney’s Northern Beaches. He previously worked with tech companies such as Hey You and Tyro. His co-founder is Aurbind Sharma, director of an Indian software development firm.
The business was reportedly looking for a subsequent $15 million raise at a $50 million valuation.