Max Mito, the cofounder and CEO of StrongRoomAI, has denied he admitted to fraud in a meeting with investors last month that led VC EVP to call in police and launch legal action to freeze the assets of Mito and several others. Mito’s counsel, Alexander Langshaw, told a Federal Court hearing in Sydney last Thursday… Read more »
In the high-stakes world of startup funding, where millions can be raised in a matter of weeks and valuations shift with a pitch deck, due diligence (DD) has long been the safety net that prevents bad bets. It’s a well-worn and trusted process, particularly in venture capital. So when an investor alleges fraud after a… Read more »
The CEO and cofounder of StrongRoom AI allegedly conceded to EVP investor Misha Saul that the company’s revenue and debt figures were “wilful fraud”. Details of an extraordinary conversation and confession by CEO Max Mito were outlined in submissions in Federal Court legal action by the Sydney VC, after it successfully applied to freeze the… Read more »
Creditors of Strong Room AI will get a chance to stare at the financial entrails of the drugs managements startup next week, when administrators for the business hold its first creditor’s meeting on April 8. A battle for whatever funds remain in the Melbourne startup, just weeks after it raised $17 million, will unfold in… Read more »
A UK investor with close ties to one of the defendants in legal action against besieged medtech startup StrongRoom AI has come out swinging against Sydney VC EVP, which is fighting to get its $10.4 million investment back. Aaron Michelin, a director of Tyson & Blake – named after founder Chris Tornblom’s dogs – has… Read more »
EVP has lodged legal action in the Federal Court of Australia in a bid to recoup the $10.44 million it invested in Melbourne startup StrongRoom AI. The Sydney venture capital firm headed to court in Brisbane on Monday afternoon to seek an urgent order freezing assets worth up to $10,440,969 million against 13 defendants, including… Read more »
Financiers for Melbourne startup Strongroom AI have forced the company into administration, amid concerns about the company’s accounts. The move comes after the lead investor, EVP called in police on Monday after asking for its money back following a $17 million raise in early March. The request was declined by StrongRoom. On Friday morning, new… Read more »
Sydney venture capital fund EVP has reportedly contacted police and is seeking to recoup the investment it made in StrongRoom AI, less than a fortnight after it announced leading a $17 million round into the Melbourne software startup. The AFR reported that EVP had called in legal and forensic accounting experts and was warning investors… Read more »
Amid a plethora of analysis of Australian venture capital funding in recent weeks, one report truly stands out because it captures the numbers by talking to the venture capital investors involved. The recently released 2nd edition of The State Of Australian Startup Funding report, from Cut Through Venture and Folklore Ventures, reveal a record number… Read more »
Software-focused venture capital firm EVP has closed its fourth fund after hitting its $100 million final target. The business-to-business (B2B)-focused VC now has more than $270 million in funds under management amid more than 40 early-stage startup investments in software companies in Australia and New Zealand, including Ignition, Deputy, Shippit and Hnry. The sole trader… Read more »
Health and aged care compliance startup Zipline.io has raised $6 million in a series A2 round. The raise was led by EVP with support from King River Capital. The software-as-a-service (SaaS) venture will use the cash to double its current headcount to 80, develop its customer base through Australia’s hospital network, and prepare for a… Read more »
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