The power players behind Web Summit have fallen out and are in a legal fight over their venture capital fund
Become an InsiderTwo cofounders of the Web Summit tech conference are in a legal dispute over their VC business Amaranthine.Web Summit's operating firm alleges Kelly and Murphy"secretly" set up their own second fund.Two of the power players behind high-profile tech conference Web Summit are in a legal dispute over their venture capital business Amaranthine, established in 2018 to capitalize on the event's startup and finance connections.
According to the complaint, Amaranthine was registered in 2018 and operated by Kelly, Murphy, and Web Summit. Cosgrave, along with Kelly, represented Web Summit's interest in the fund, the filing states.Web Summit made an initial commitment of $2 million and was allocated 30% of the profits, according to Manders Terrace's complaint.
The trio were unable to agree how profits from this new fund would be split, the filing states. Cosgrave wanted to change the carry allocation — the profit share — of the second Amaranthine fund in Web Summit's favor. Web Summit employees had contributed considerably to the success of the first Amaranthine fund, Manders Terrace claimed.
The lawsuit alleges the pair used Web Summit's branding and track record to lure financial backers for Semble, stymieing Cosgrave's own fundraising efforts for Amaranthine. It also alleges the two removed Cosgrave from managing Amaranthine.
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