VC ‘threatened media war against startup after faking investment deal’

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        #News(Startup) [ via IoTGroup ]


        One of the UK’s leading Amazon aggregators Heroes has settled a lawsuit with a VC firm Solid Capital after alleging the investor fabricated documents to say the firm had invested in the company’s seed round.In a document filed to the Commercial Court in London and seen by Sifted Heroes claimed that when confronted about the documents Solid Capital made “inappropriate threats” to both the company and its investors.

        “The dispute between us and Solid Capital has been settled.According to the court files Solid Capital was one of the VC firms that Heroes approached about investment.The document stated that Solid was then provided with an agreement to sign which should Heroes have accepted the investment would then be countersigned by Heroes’ cofounders.

        However it transpired that the round was oversubscribed and “Solid Capital was not accepted as part of the investment round” so Heroes did not countersign the agreement.The document asserts that after Heroes told Solid they weren’t going to be included in the round Solid sent two “unsolicited” sums of money to Heroes’ bank account £800k and then £1m — which Heroes says were returned to the VC.Solid allegedly claimed it was entitled to be registered as a shareholder of Heroes in return for £1m in investment.Heroes claims that when Solid was informed that it wasn’t part of the round the VC “made a series of wrongful allegations and threats” against the startup.The court document filed by Heroes allege that Solid then sent an email to the company and some of its investors stating there were to be “nasty long term and costly litigation procedures” and “nasty public PR battles” and that Solid would “fight until the bitter end”.

        It’s also alleged that Solid sent Heroes a drafted press release entitled “Heroes or Villains” and including “a large photo of the Brunis”.Sifted also saw a press release published by Solid in October — before Heroes’ round had officially closed — describing itself as an investor in the


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