Revalu8, a self-described “Uber of real estate” launched in July last year, has sunk into liquidation.
Creditors decided to wind up the Queensland startup and appoint a liquidator at a meeting last week, with a software development company owed more than $486,000 out of total debts of $687,938.
The Revalu8 service launched last June backed by $1.5 million of seed funding, with a mission to connect buyers and vendors of residential real estate. The site provided comparison tools for potential buyers, as well as promising complete transparency on transactions and negotiations between the buyer and the vendor.
“The accepted practices of advertising and selling real estate in Australia favour the advertiser, agent and then the seller, while the buyer is almost forgotten – despite it being the buyer’s money,” founder and chief executive Chris Bilborough said at the time.
“ReValu8 will bring a new level of transparency to the industry to empower purchasers – in particular first-home buyers and investors – to be able to make an informed decision… ReValu8 also gives buyers a fair share of fees that would otherwise go towards advertising costs and agent commissions.”
While the Revalu8 website is currently still running, filling in a contact form to “join the revolution” results in an error. The company Twitter account has not been active since August.
The notice to place the company in liquidation was resolved on March 20.
Business Insider attempted to contact Revalu8 and its former representatives, but they had not responded at the time of writing. Liquidator Worrells has also not responded .
According to CRN, a dispute between the startup’s directors and the software development firm Agile Software Services saw the developer withdraw Revalu8’s access to the programming code.
Business Insider contacted Agile’s Australian representative, Mike Beachy-Head, but has not yet received a response.
In addition to Agile, OLJ Capital was listed in the creditors meeting as being $120,000 out of pocket, and the Australian Taxation Office is chasing an $11,000 debt.