Perth travel and leisure tech startup Quipmo has closed its doors after six years in operation.
Perth travel and leisure tech startup Quipmo has closed its doors after six years in operation, pointing to a lack of early-stage investment in Australia for the decision.
Founded by entrepreneur Chris Evans in 2017, Quipmo was an online marketplace that sought to put adventure seekers in touch with local hire businesses and individuals with quality equipment available for rent.
He said the company had been unable to secure the next round of funding it needed to keep going.
"Deteriorating conditions in the global economy, coupled with a contraction in early-stage investment in Australia, along with thematic trepidation around travel and leisure – both at an investment and partnership level – led to the company being unable to raise our next round and we simply ran out of time and cash to take the business forward," a statement from Mr Evans read.
The company won backing from Applecross-based investment group Eastcourt, which provided $500,000 in pre-seed funding in October 2020 as the pandemic began to take hold in Western Australia.
At the time, the funding was set to be used to recruit staff in Queensland, in a bid to extend Quipmo's presence in the tourism region between Byron Bay and Noosa.
"Despite fighting uphill nonstop as a young travel and leisure tech startup caught in the maelstrom of a global pandemic and multiple natural disasters, it’s been an incredible journey and for all of the challenge and ups and downs, our world-class team gave it their absolute all. It was my absolute honour and privilege to work alongside them," Mr Evans said.
"I realised the challenge and frustration of finding quality adventure gear when you are travelling and the cost of transporting that gear from home when you head to remote locations was a recurring theme," he said.
The answer he came up with was ‘equipment for the moment’ or Quipmo.