Australian Packaging Startup Great Wrap Enters Voluntary Administration

Melbourne-based material science company Great Wrap has entered voluntary administration with debts of $39 million, marking a significant setback for the Australian compostable packaging industry.

Administrators were appointed on September 17, 2025, according to notices published by the Australian Securities and Investments Commission (ASIC). Great Wrap co-founder and CEO Jordy Kay announced yesterday on LinkedIn that the company’s journey had come to a conclusion, thanking supporters. Staff are believed to have already been let go.

Founded in 2019 by Jordy and Julia Kay, Great Wrap aimed to replace traditional plastic packaging with its Australian-made, B Corp-certified compostable stretch wrap. Kay explained that a shift in market strategy by retailers and FMCG companies – towards plastic recycling operations rather than compostable alternatives – weakened demand. “This meant the pipeline slowly subsided and demand weakened,” he stated in his LinkedIn post. The company had raised $24 million in July 2022 to expand its vision, and as of October 2023, employed 25 people. The failure of innovative companies like Great Wrap highlights the challenges faced by startups in scaling sustainable alternatives against established petrochemical industries.

Kay confirmed the company will support the administrators in selling equipment and materials, and in attempting to repay creditors. He added, “Julia and I went into this eyes wide open and swung for the fences to build something bold, but ultimately, we did not succeed.” Further information on the administration process can be found at ASIC’s website, and insights into the challenges facing Australian startups are available from SmartCompany.

The administrators will now oversee the sale of Great Wrap’s assets and work towards a resolution for creditors.