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Dumb or Dumber?

Fund: EDF Ventures

Posted by MrPortfolio on 2008-08-22

PUBLIC:

Wow! As EDF Ventures moves forward with a suit against an anonymous poster on thefunded, more and more information comes to light about how dumb this firm is. It's incredible!

The head of the firm, Mary Campbell, actually admits that she never heard of thefunded until recently, yet she heads the Michigan branch of the NVCA. Does she live under a rock" Then, she justifies the suit along with her genius cohorts by saying that it is "patently untrue" because EDF has never worked with a CEO more than once! Outside the fact that this is a damming and dumb admission, it may not be relevant, since I thought lawyers and limited partners could be members of thefunded... Hey, maybe it's your biggest dealflow source that levied some criticism... Maybe a limited" Ooops.

It gets even dumber, because Mary Campbell has said that the expensive and high profile litigation to protect their image (which completely backfired) is a "low priority" for the firm. Umm, usually when things go this wrong, they become a high priority. If all this were not enough, the media is publishing their deal terms, which has got to be embarrassing to portfolio companies. I can't wait to see the stories about why the various "good partners" left.

So, let me get this straight about EDF. They are suing a dealflow source because they have never worked with an entrepreneur more than once in a low priority case to defend their image that has massively backfired, causing more and more dirt on the firm to be dug up and embarrassing their portfolio... Dumb or dumber" You decide.

Crain's
">VentureBeat
Ann Arbor News
The PE Data Center

Arxan Technologies out of Maryland, develops anti-tampering software solutions. The company raised approximately $13 MM in their last Series C round.

Deal Terms:
- Senior Liquidation Preference
- Series C Up Round
- 1 Liquidation Multiple
- Participating Preferred Stock
- Weighted Average Anti-Dilution
- Redemption Clause
- Cumulative Dividends
- 8% Dividend Rate

ValenTx, Inc. is a medical device company based in southern California. The company had a Series A round that raised approximately $6 MM.

Deal Terms:
- Series A
- Conventional Convertible Preferred
- 1 Liquidation Multiple
- Weighted Average Anti-Dilution
- NO Redemption Clause
- NO Cumulative Dividends
- 8% Dividend Rate

Xtera Communications, Inc. (formerly Bandwidth Communications) is headquartered in Texas. The company develops technologies for long-haul fiber optic communications systems. In late 2007, this company brought in approximately $52 MM in a later stage series B round.

Deal Terms:
- Senior Liquidation Preference
- Series B Up Round
- >1 Liquidation Multiple
- Conventional Convertible Preferred
- Weighted Average Anti-Dilution
- NO Redemption Clause
- Cumulative Dividends
- 8% Dividend Rate

Biosurface Engineering Technologies, Inc. (also known as BioSET) is a provider of surface modification solutions for the medical industry. The company is headquartered in Maryland. The company had a Series C round in mid 2006.

Deal Terms:
- Senior Liquidation Preference
- Series C Flat Round
- 1 Liquidation Multiple
- Participating Preferred Stock
- Weighted Average Anti-Dilution
- Redemption Clause
- Cumulative Dividends
- 8% Dividend Rate

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