A hub for Australian start-up businesses has entered voluntary administration as it owes millions of dollars in unpaid rent to the NSW government.
Fishburners, the start-up company behind local success stories Koala, MadPaws and Jayride, appointed KPMG as its administrator on Wednesday.
The company’s board said the administrators were called in to resolve a dispute over unpaid rent for its former office on Sydney’s York Street.
They said this followed “failed efforts” to resolve the rental debt and suffering subsequent operating losses.
“The board has determined that a formal restructuring process is the most effective way to achieve a sustainable future and continuity for the thousands of tech entrepreneurs who rely on Fishburners’ support services,” Fishburners said.
“The board have been actively engaging in consolidation and investment discussions, which the administrator will now pursue.”
Fishburners has in recent years struggled with financial losses.
The company reported a loss of almost $900,000 in 2024-25 after suffering a loss of almost $430,000 the previous financial year.
KPMG partners Gayle Dickerson and Phil Quinlan will oversee the restructuring of the organisation, which includes a sale and…