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\t\t\t<\/a><\/p>\nGreat Wrap co-founder and CEO Jordy Kay announced on LinkedIn on Thursday afternoon that, given the circumstances, the Australian startup\u2019s story had come to a conclusion and thanked those who had supported the company\u2019s journey.<\/p>\n
According to ASIC\u2019s published notices, administrators were appointed almost a month ago on September 17, 2025.<\/p>\n
Staff members are believed to have already been let go, and the Herald Sun reports<\/a> the startup has over $39 million in debts.<\/p>\n In his LinkedIn post, Kay confirmed Great Wrap will support the administrators through the process.<\/p>\n \tSmarter business news. Straight to your inbox.<\/p>\n \n For startup founders, small businesses and leaders. Build sharper instincts and better strategy by learning from Australia\u2019s smartest business minds. Sign up for free. <\/p>\n By continuing, you agree to our Terms & Conditions<\/a> and Privacy Policy<\/a>.<\/p>\n \u201cI will continue to support the administrators as we go through the voluntary administration process to sell all equipment and materials, and to do my best to have all creditors repaid in full,\u201d he said.<\/p>\n Husband-wife team Jordy and Julia Kay left their careers in winemaking and architecture behind in order to put an end to human reliance on traditional plastic and revolutionise packaging technology, founding Great Wrap in 2019 and making their first sale that same year.<\/p>\n B Corp-certified Great Wrap manufactures the only Australian-made compostable stretch wrap for businesses and homes.<\/p>\n \n\t\t\tRelated Article Block Placeholder<\/p>\n \t\t\t\tArticle ID: 259935\n\t\t<\/p>\n \t\t\t\t\t\t\t In his statement, Kay said Great Wrap set up a well-known brand and eventually a high-performing product that competed perfectly against decades of innovation from the petrochemical stretch wrap industry.<\/p>\n \u201cWhat also began to happen is that markets shifted away from compostable packaging for stretch wrap. Retailers and FMCG companies shifted strategy from replacing fossil-fuel plastics with compostable alternatives to vertically integrating their own plastic recycling operations,\u201d Kay\u2019s post stated.<\/p>\n \u201cThis meant the pipeline slowly subsided and demand weakened. We pushed on and grew the business to hundreds of enterprise customers and distributors but that wasn\u2019t enough to sustain the overheads of a plant to support a much larger vision.\u201d<\/p>\n Kay mentioned during this time Great Wrap knew they needed to move into bigger markets, so they originated opportunities in the US market.<\/p>\n \u201cSadly, a combination of being unable to get the Australian plant to break even meant we ran out of time and capital to pursue the US expansion,\u201d he said.<\/p>\n In 2023, Great Wrap announced the launch of the world\u2019s first compostable pallet wrap<\/a> and raised $24 million in July 2022<\/a> for its vision to completely knock petroleum plastic off the supermarket shelf.<\/p>\n
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