Founded in 2018, the Quebec startup owes $6.9 million to creditors, including Fonds de solidarité FTQ ($500,000) and M2S Électronique ($1.04 million), according to bankruptcy filings. “Unfortunately, we were unable to generate the necessary funding to continue our operations and deliver our remaining orders,” the company wrote on its website. (The Logic)
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Founded in 2018, the Quebec startup owes $6.9 million to creditors, including Fonds de solidarité FTQ ($500,000) and M2S Électronique ($1.04 million), according to bankruptcy filings. “Unfortunately, we were unable to generate the necessary funding to continue our operations and deliver our remaining orders,” the company wrote on its website. (The Logic)
Talking point: The creditors include more than 2,000 clients who spent as much as US$695 for a Tero composter, which promised to turn food waste into compost in three to eight hours, yet never received their units. Collectively, they are owed nearly $2.7 million. In 2019, the company founded by Université Laval students Elizabeth Coulombe and Valérie Laliberté launched a Kickstarter campaign to finance the production of the composter, garnering over $1 million in 24 hours.
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