The CEO and co-founder of Byron Bay-based environmental solutions company Subpod has announced the startup will close its doors after helping more than 65,000 people in 20 countries turn their food waste into soil food.
Subpod offers a three-in-one modular compost system that combines compost, a worm farm, and a garden seat that works with nature, using worms and microbes to compost organic waste without the odours, vermin and hard work of traditional composting.
After two years spent developing and piloting prototypes from a small warehouse in Byron Bay, Subpod hit the market in January 2019 by launching on the crowdfunding platform Indiegogo.
By May 2019, it had beaten its fundraising goal by 300% and raised $350,130 from 1,579 backers in 21 countries.
The startup officially launched in 2020 and sold 17,000 Subpod classics during that year, before welcoming a mini version of the Subpod in 2021.
Co-founder and CEO Saadi Allan took to LinkedIn on Tuesday afternoon to confirm that Subpod would soon be closing.
“As many of you have already heard, I’ve have had to make the decision to close Subpod due to difficult trading conditions,” Allan said.
“We have been fighting hard for many months to find a way to keep trading and the decision to close our doors has been made with heavy hearts.
“I want to thank everyone that has supported Subpod over the years, from our co-founders, past and current team members, investors, trade partners and most of all the wonderful community of people who supported our dream of making composting and connection to nature a part of everyday life.
“With over 65,000 people in more than 20 countries using Subpod to turn food waste into soil food, together the Subpod community will continue to make a positive impact into the future.”
The same message was posted to Subpod’s website by Allan on behalf of the Subpod team, with one addition at the end of the statement.
“While we wind up operations over the coming weeks and enter the liquidation process we will do all we can to see if we can find a buyer who may want to purchase the assets and continue the brand. As we would love to still see Subpod exist into the future,” it stated.
SmartCompany reported in January 2023 that Subpod had seen a 200% uptick in operating profit since 2021, with more than $6 million in sales across 26 countries.
The composting technology startup secured a $800,000 capital raise in November 2022, and as of the same month had done more than $16.4 million in total sales from over 60,000 loyal customers.
Ten Subpod systems prevent the emissions of around five cars every year, according to the company.
SmartCompany has contacted Subpod for further comment.
