On February 22, Skolkovo Venture Investments LLC filed a lawsuit against Brandquad France (owner of Brand Quad LLC) through SK Capital LLC. The fund demands to recover 164.88 million rubles. The hearing has been scheduled for April 17, 2023. The editors of Arbiter and The Edinorog Telegram channel were the first to notice this.

Skolkovo Ventures Fund filed a lawsuit against IT company Brandquad

According to the Unified State Registry of Legal Entities, the basis of the claim refers to the “non-compliance or improper compliance with the obligations derived from the contracts.”

Brandquad co-founder Philip Denisov told The Edinarog that the problems stemmed from a convertible loan issued to the company by the fund.

In 2021, Skolkovo Ventures invested in the Brandquad group of companies. According to the fund itself, the investments were structured in the form of a debt instrument that, depending on the fulfillment of a series of conditions, could be converted into capital or a return of funds.

Brandquad did not meet the conditions to convert the loan into equity, as the repayment period approached, the investor and the company began to negotiate a debt restructuring. After the obligations under the agreement expired, the fund went to court to resolve the problem in the legal field.

Brandquad is a developer of a SaaS platform for online commerce. The company collects and analyzes product information and helps automate merchandise placement. Income at the end of 2021 promoted to 199.9 million rubles, net profit – 162.2 million.

  • In October 2021, the startup attracted €1.5 million in investment from Skolkovo Ventures and €1 million from French state investment bank BPI France. The company planned to spend most of the investments on developing the marketing and sales of Brandquad products in the European, Middle Eastern and US markets. The rest of the money will be used to develop Brandquad products.

RB.RU organizes a project meeting founders monday for beginners and experienced entrepreneurs. Twice a month on Mondays.

Author:

karina pardaeva

Source: RB

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I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.

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