Water e-bike startup faces rough seas
A Waikato company behind a world first water e-bike appears to have sunk, with its directors putting it into voluntary liquidation.
Manta5 directors on Monday released a statement saying they had appointed Paul Manning and Jessica Kellow, from BDO, as administrators to investigate the company’s financials and put forward recommendations.
It’s an abrupt turnaround from the company that put the world’s first hydrofoil e-bike to market in 2019, expressed intention for a shareholder IPO in 2021 and also conducted a crossing of Cook Strait on one of its novel machines.
The bikes were regulatory tested on Lake Karapiro and pitched at an adventure watersports sector, with marketing material showing them being ridden from New York to Raglan harbours. But they weren’t cheap, with models ranging from $14,995 to $19,795.
On Tuesday, Manta5’s Pukete, Hamilton, office sat seemingly empty.
The Waikato Times approached Manta5 for comment, but did not receive any from the administrator by publication.
In its earlier statement, Manta5 told stakeholders the decision was made to give the company “breathing room to rapidly explore alternatives”.
The company cited cost and funding troubles. “Despite exhaustive efforts to raise capital and manage cash, we were ultimately unable to navigate through to a successful outcome.”
Manta5 said it had ambitious plans to improve its bikes and serve more customers, but was hit by the forces familiar to most in business during Covid. “However, we were significantly disrupted by unexpected global supply chain challenges, which delayed new product launches and impacted product quality.”
Other efforts to save the company include downsizing its workforce and pausing product promotions, but these were said to be “insufficient”.
There had been hope in investment to save the company, but equity was not delivered in time, the company said.
“While we may not have built a sustainable business, the impact of our collective journey and the advancements we've made in foil-biking are achievements that stand testament to our shared vision.”
The Manta5 trademark, operating under Bright Spark Innovations GP Limited, had three directors, including founder Guy Howard-Willis, as of February.
According to public record, the last chief executive, Mark Robotham, resigned in November 2023, and it is unclear whether a new chief executive has been appointed.
The directors encouraged anyone keen to invest or purchase the business to get in touch with the administrators.