A subsidiary of an Australian tech and media start-up that had $12 million worth of investment poured into it has collapsed.
Last month, E-Mersion Media (Aust) Pty Ltd went into administration, with all its operations ceasing and staff stood down immediately.
E-Mersion Media, based in Melbourne and with offices also in the UK, captured investors interest with its innovative idea of digitising traditional print magazines, and had landed big deals with FIFA and F1 to produce their programmes.
But in the last year, the company was the subject of a news.com.au investigation after its staff quit en masse while investors raised concerns about how their money was being spent.
E-Mersion Media Pty Ltd continues to operate as the parent company to …
Read the full article at: https://www.news.com.au/finance/business/media/aussie-tech-company-collapses-owing-13m-just-months-after-claims-it-was-solvent/news-story/6d656d56a49c07e7dbf32eb9363c73e2