Celsius is trying to recover over $6 million from an $8 million investment commitment made by the venture capital firm Fabric Ventures
ChainCatcher news, the crypto lending platform Celsius is attempting to recover over $6 million from the $8 million investment commitment made by venture capital firm Fabric Ventures. According to a court document filed on Tuesday, Fabric was set to invest over $8 million in Celsius's Series B funding round, in three installments. Celsius stated that it completed its extended Series B funding round in November 2021, raising $400 million to a total of $750 million at a valuation of $3.25 billion.
According to the timeline agreed upon last April, Fabric made the first payment of $2 million in May. Subsequent payments were supposed to be $2 million in June and $4 million in July. The arrangement did not go as planned. Celsius filed for bankruptcy in July, and recent court documents show that Celsius's liabilities exceed $6.7 billion, while its assets are valued at only around $3.9 billion, resulting in a $2.8 billion gap on its balance sheet. The newly submitted court documents state: "This lawsuit seeks recovery of the amounts of two unpaid installments, namely $6,003,379, plus interest, fees, and other relief as set forth below." (source link)