Metigy
The business, the turning points, and the decisions behind them.
01 / WHAT IT BUILT
What the company did
Metigy was a Sydney adtech startup that sold an AI-powered marketing platform to small and medium businesses, promising automated marketing decisions, social media management and digital advertising. Founded in 2015 by David Fairfull, it raised more than $20 million, including a $20 million Series B led by Cygnet Capital, and at one point touted a $1 billion valuation while seeking another $50 million.
02 / Metigy FAILURE REASONS
Failure reasons
Metigy collapsed because it was built on fabricated numbers. Founder David Fairfull doctored financial statements, telling investors revenue was in the millions when it was barely $43,000, and diverted company funds into luxury properties. Administrators found the company had traded insolvent since at least late 2021 and ran almost entirely on capital injections. In July 2022 it entered voluntary administration owing $32 million to creditors and laid off all 75 staff. Fairfull was declared bankrupt and sentenced to nine years in prison for misleading investors.
03 / EVENT HISTORY
Events in the structured record
- Company founded
David Fairfull founded Metigy in Sydney as an AI marketing platform for small businesses.
- Funding round
The company raised a $20 million Series B led by Cygnet Capital, about 20 months before its collapse.
- Bankruptcy filing
On July 29, 2022 Metigy entered voluntary administration with Cathro & Partners, owing $32 million to creditors; all 75 staff lost their jobs.
- Acquisition
In September 2022 US business-intelligence company Grow.com acquired Metigy's intellectual property and customer assets.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
Material for this section is being gathered and checked. It will appear here once ready.
Overall assessment: Not completed
05 / CAUSAL CHAIN
How the factors connect
- 01
Revenue claims need audited evidence; millions on paper meant $43,000 in reality.
- 02
Trading insolvent while raising is fraud, not a growth strategy.
- 03
Founder control without governance turns investor capital into personal property.