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$10M Mosman House Frozen After Optus Linked Business Goes Belly Up

A tech marketing Company that was bragging about their links with Optus at the start of COVID has been placed into liquidation with a freeze placed on a $10.5M dollar Mosman house where the founder of the business lives.

Metigy founder David Fairfull describes himself as an entrepreneur, who back in 2019 was bragging about his deal with Optus’s small business team.

Now it’s been revealed that Metigy abruptly collapsed in July, leaving its 75 staff without a job.

Questions are now being asked as to whether money invested in the business ended up as equity in the Melbourne house that would have risen in value by at least $1.5M the business raised $20M in 2020.

Observers claim that it’s highly unusual for personal assets such as real estate to be caught up in the collapse of a start-up business especially when mainstream investors were involved in the Company.

On Monday, entities associated with investment funds Five V Capital and Regal Funds Management engaged lawyers at Allen’s to lodge a caveat over Fairfull’s Mosman property. On Tuesday, Metigy’s administrators had their lawyers, Addison’s, lodge a similar caveat.

According to Nine Media several employees had been recruited only a month before the collapse and the company was still advertising jobs when it went into administration at the behest of investors.

The business who claims that they were selected for the inaugural Optus SMB innovation program from a substantial filed of aspiring start-ups gave the Metigy leadership team exposure to many of the senior leadership team in Optus.

This year they reportedly tried to raise capital claiming the business was worth $1 billion.

Potential customers including Optus were told thar Metigy’s unique Decision Support Technology which used AI to guide objective setting and then delivers Insights were the unlock key to the Companies success.

The Company also bragged about their relationship with Google.

In response, an Optus spokesperson issued a brief statement on Monday saying that it had facilitated networking opportunities for Australian start-ups and small businesses in 2018. “Metigy participated, but as of today there is no active contractual arrangements,” the spokesperson said.