Chain of Titles Sinks Company

Investors suffered $10M loss

The Situation

  • Promising start-up raised $10M+ Series B at $US50M+ pre-money
  • Conventional due diligence detected no material risks
  • After investment, EverEdge was asked to evaluate intangible assets

The Client

Board of Directors – Software Start-up

Outcome

  • EverEdge conducted interviews within the company, which revealed that the company did not own its fundamental software code as it had been developed by the CTO at previous employer (a competitor)

Result

Investors suffered $10M loss

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