A Perth-based startup that received over $65 million from investors has been placed into liquidation with just $50,000 left in the bank, with a Federal Court judge haranguing the company for having an app that does not work.
The startup, Bux Global, was launched in 2016 and spruiked itself as a mobile app which allowed users to easily transfer money internationally via their Bux accounts. According to evidence provided to the Court, the startup had raised upwards of $65 million from investors throughout its tenure.
The West Australian reports shareholders in the company include Aussie sports stars Danny Green and Greg Matthews, and other reports also name former editor of The Australian Chris Mitchell and current AMP chairman David Murr…
Read the full article at: https://www.smartcompany.com.au/startupsmart/news-analysis/perth-startup-bux-global-raised-65-million-collapses/