Following a legal dispute between venture capitalist firm, HAVAIC and Stellenbosch based startup, Custostech, the two parties have reached an amicable agreement.
This comes after HAVAÍC reportedly sued the startup for $4.45-million, alleging its founders reneged on an investment agreement (see this story).
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In an official press release provided to Ventuerburn from HAVAIC, the venture capitalist firm announced that the agreement was reached on 30 November.
“Custos and HAVAIC reach agreement 30 November 2020. Custos and HAVAIC have reached an amicable and confidential resolution to a dispute regarding HAVAIC’s investment in Custos.”
Each party has taken stock of their positions in the matter after undergoing a mediation process.
Ian Lessem, the Managing Partner at HAVAIC relays that the VC firm plans to have a long-standing relationship with the startup after reaching an agreement.
“I’m pleased that this matter has been resolved. We can now look forward to a mutually beneficial association, long into the future. We have always had confidence in Custos’s technology and the expertise of their management team.”
Both HAVAIC and Custos have concluded to work together to benefit their mutual interest.
Gert-Jan van Rooyen of Custos explains that they are committed to working with HAVAIC.
“While it has taken longer than we had hoped, I am delighted that HAVAIC and Custos have agreed on a settlement of the lawsuit against Custos and that we can now focus on a constructive future. We have resolved the outstanding issues and we have agreed to work together in future.”
Read more: We’re still open to working with Custostech says HAVAIC CEO in statement
Read more: SA’s Custostech lays off staff after VC sues startup for $4.5m over failed investment bid
Featured image: HAVAIC CEO Ian Lessem (Supplied)
