Online furniture retailer Brosa is up for sale after the business was placed in voluntary administration this week.

Richard Tucker and Michael Korda of KordaMentha were appointed Voluntary Administrators of the 8-year-old ecommerce company, which raised more than $7 million in venture capital from the likes of Airtree and ASX-listed Bailador Technology Investments.

While Bailador revalued its investment in Brosa up by 49% ($1.5m) to $4.5 million last year to reflect its strong operating performance over the prior 12 months, a red flag on problems with the investment appeared in a shareholder update released on December 8, when it was written down to $0. Bailador did not offer any commentary on reasons why, aside from alluding to a valua…

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