Husband-and-wife-led material science company Great Wrap is in administration, with a reported $39 million in debts, citing a slump in demand as retailers and FMCG businesses began to recycle plastic in-house.
Great Wrap was founded in 2019 by Jordy and Julia Kay, a winemaker and an architect respectively. They launched their first stretch wrap product to consumers in 2020, during the early days of the pandemic, and to positive media coverage.
The company received “hundreds of inbound corporate enquiries” following that, “had RFQs with the retailers and trials underway” and “the biggest FMCG companies begging for our product”, according to Jordy.
They targeted enterprise clients, raised $3 million through a seed round in 2021 and a $24 million Series A round the year after.
On Thursday, Jordy made an update on Linkedin sharing that the company’s story had finished, following a Herald Sun report earlier that day that the company is in administration with debts over $39 million.
In his update, Jordy said that the company had managed to establish a “well-known brand and eventually a high-performing product that competed perfectly against decades of innovation from the petrochemical stretch wrap…