“We’re just, a sign of the times
We’re just, a sign of the times
We’re just, a sign of the times
We’re just, a sign of the times”
— Quiet Riot, Sign of the Times
It can’t get much more 2020 than this: Las Vegas based fraud prevention start-up, NS8, who just raised $123 million from the VC firm Lightspeed, just fired nearly everybody via an all hands Zoom meeting, and disclosed that they were under investigation by the SEC. Apparently the company’s finances “were not as they seemed”.
Heading into the equity raise they boasted a 200% jump in ARR but was burning between $4 and $6 million per month. The company apparently had offices in Miami, Amsterdam, Singapore, Melbourne, Australia, and San Ramon, California.
CEO Adam Rogas has been ousted, and Lightspeed is asking questions.
Source says CEO of NS8 Inc. (a “comprehensive fraud prevention platform”) abruptly resigned last week, about 240 employees are being laid off today, 75 in Las Vegas. Here’s the letter sent to staffers. https://t.co/PWWf7dOpYR pic.twitter.com/xKBZqD73Xw
— Vital Vegas (@VitalVegas) September 11, 2020
