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Byron Bay-based compost technology company Subpod has been saved from collapse after securing the backing of US-based plastics moulding company Wisconic.
While details of the recapitalisation have not been disclosed, Subpod founder Saadi Allen has revealed in a LinkedIn post that the company is set to make a comeback just months after making a tough call in February this year to close down operations for good.
“After announcing our closure earlier this year we were overwhelmed by the level of community support,” says Allen in the LinkedIn post.
“Many conversations were had with passionate Subpod users and advocates, and one of these resulted in a pathway to a restructure and a great new partnership between the original Subpod team and Wisconic, the new home of Subpod.”
Allen says Subpod is “set for relaunch in the US and Australia soon, with manufacturing being moved from China to the US over the coming months too”.
Subpod, which has developed an innovative composting system specifically designed for urban usage through a compact, smell-free design, was founded in 2018. Its key product is described as an in-ground compost bin, worm farm and self-fertilising garden bed.
Allen announced in February that difficult trading conditions had forced the company into liquidation although at the time he remained hopeful that a buyer could be found for the business.
Business News Australia has contacted Allen for further comment on the deal with Wisconic. The company is based in the US state of Wisconsin and since 1994 has been producing custom moulding and private labelling products.
Since it was established in 2018, Subpod has sold its products to more than 65,000 people in more than 20 countries with the company reporting sales of $16.4 million for its novel home composting systems over the two years to the end of 2022.
The company estimated that in that time, by converting food waste to soil, its system was responsible for preventing more than 14,500 tonnes of CO2 being released into the atmosphere annually.
Since inception, Subpod has raised $787,000 on crowdfunding platform Birchal following an angel investment of $420,000 in 2018.
In 2021, the company raised about $190,000 on the US-based Indiegogo platform to launch its Modbed compact balcony system for apartment dwellers in the US.
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