Hi all,
Happy new year and we hope you enjoyed the festive period with those who are important to you, and maybe even had chance for a rest!
Update on the backlog primarily:
We have just sent out communications to several projects in the initial NCF backlog that have not responded or have only partially responded to initial review questions, these were sent out several weeks ago now and a deadline has been set of 11th January for responses to come back. Any proposals not responding by that time will be removed from the backlog to allow us to focus on those opportunities that are engaging.
At this stage there are 17 proposals in the backlog from the original 24 (7 dropped our or didn’t respond to initial engagements). We have received full responses from 12 of those 17 so far. There are several promising opportunities that we will expand on as details are assessed and negotiated wherever we can, naturally this is likely to be after a deal has been signed and announced in conjunction with the startups management teams.
Now that incorporation is largely complete, some paperwork and banking tidy ongoing in parallel; we intend to review these responses in the next two weeks and to try and give some certainty to all backlog proposals by the end of January.
In other news:
At this stage, we expect to open for new proposals by the end of January but it is still dependent on clearing the backlog proposals and we will update with a confirmed date to reopen the pipeline as soon as we can.
We have been approached by a few companies/VCs for either co-investment opportunities or additional fund launches. We are assessing how best to work on these opportunities and will have a more concrete plan as we get into normal operations. Some of the initial investments may be large enough for co-investment options and we will be in touch with those parties directly in due course if they are. Thanks to the various members of the community who have made these introductions.
You can expect to see some of the additional information on how decisions have been reached, jurisdictions etc etc in the coming days now we are all back from the festive break.
SOURCE:
https://forum.nem.io/t/nem-ventures-next-steps/19396/28