Vimba closing down operations
It is a sad day today at Nem Ventures; Vimba, our first portfolio investment has had to announce by email to customers that they are closing.
At a practical level, any NEM community members who are customers, I advise you disable any future payments from your bank and download the transaction history for your own tax records. You should have received an email from Vimba this morning
The NEM Ventures team are now in the process of attempting to secure any recoverable assets possible on behalf of the community. As a result, at this time we are unable to comment further in public as there are ongoing liquidation/legal proceedings but will try to comment as/when we can do.
We know some of the community have had issues with NEM alignment of VImba in the past and we have acknowledged these, that we shared them and have tried to work with the founder(s) to try and resolve this. I can confirm no investment has been made after the original investment announcement.
It is the nature of investing in early stage companies that not all will succeed and grow, it is very unfortunate when this happens and unfortunately it is more likely to happen in the current macro environment. However each of those failures represent unrealised dreams, past hard work and investment etc for the teams involved as people as well.
We wish the Vimba team well with future endeavours and will update further when we are able/allowed to, these processes can take several months or even years to fully work through.