Agtech startup Goterra enters voluntary administration
Australian climate tech startup Goterra has entered voluntary administration after failing to secure the critical investment needed to scale its automated, insect-powered waste-processing operations.
The company’s board has appointed Daniel Walley and Martin Ford of Teneo to serve as joint administrators.
Founded by Olympia Yarger, Goterra pioneered an innovative circular-economy solution using advanced robotics and black soldier fly larvae to convert commercial food waste into sustainable animal protein and fertiliser.
Despite strong market traction and a high-profile client roster including Melbourne Airport, the City of Sydney, Woolworths (ASX:WOW), the Hyatt Regency Darling Harbour, and Lendlease’s Barangaroo precinct, capital constraints ultimately stalled the company's ambitious infrastructure expansion.
The Canberra-based startup had previously attracted significant backing from prominent venture capital firms, securing a $1.2 million seed round in 2018 from Grok Ventures, Rampersand, Giant Leap, and the CAGES Foundation, followed by an $8 million Series A round in 2020 led by Tenacious Ventures.
Administrators are now moving quickly to stabilise the business, with an immediate focus on finding a buyer to keep the pioneering agtech operation running.
“Teneo has been appointed, and their focus, and ours, is on achieving the best possible outcome through the administration process, including a going concern sale,” a Goterra spokesperson said.
Operations are expected to continue concurrently during the initial administration process as stakeholders assess transition options.