Melbourne-based material science company Great Wrap has entered into voluntary administration with reported debts of $39 million, almost six years after the founders officially launched their direct-to-consumer brand in 2020, which resulted in 30,000 orders in the first month.
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Great Wrap co-founder and CEO Jordy Kay announced on LinkedIn on Thursday afternoon that, given the circumstances, the Australian startup’s story had come to a conclusion and thanked those who had supported the company’s journey.
According to ASIC’s published notices, administrators were appointed almost a month ago on September 17, 2025.
Staff members are believed to have already been let go, and the Herald Sun reports the startup has over $39 million in debts.
In his LinkedIn post, Kay confirmed Great Wrap will support the administrators through the process.