Auckland’s Nanofibre Firm Nanolayr Enters Voluntary Administration

Auckland-based nanofibre textile company Nanolayr has entered voluntary administration due to financial challenges. Founded in 2009, the company appointed Stephen Keen and Russell Moore from Grant Thornton New Zealand as administrators on October 19, 2023. The decision was influenced by multiple factors, including the company’s geographical distance from key markets and difficulties in securing sufficient investment to achieve the scale necessary for profitability.

Challenges Facing Nanolayr

According to Grant Thornton, the firm struggled to obtain the necessary funding to reach “commercial revenue scale needed to become profitable.” Despite its innovative approach to nanofibre technology, the challenges of operating in New Zealand’s market have proved significant.

Nanolayr has attracted investment from several prominent venture capital firms, including the Movac Fund, Icehouse Ventures, and K1W1, founded by notable businessman Sir Stephen Tindall. Additionally, the company received backing from Ngāi Tahu, demonstrating a strong interest in its potential from both local and international investors.

The Future of Nanolayr

The appointment of administrators marks a crucial turning point for Nanolayr. The voluntary administration process offers the firm an opportunity to restructure its operations and explore options for recovery. Administrators Keen and Moore will work to assess the company’s assets and liabilities while determining the best path forward.

As the nanofibre industry continues to evolve, Nanolayr‘s experience highlights the complexities faced by innovative companies in remote markets. The firm’s future will depend on its ability to adapt to these challenges and attract the necessary investment to thrive in a competitive landscape.