French startup accelerator Osama is suing Ammar over several claims — breach of trust, forgery of documents, and use of forgeries — co-founder and CEO of the family, Alice Zagouri, said in a blog post.
In particular, Capital first reported that the Family suspects Ammar of diverting 3 million euros, which will be invested through a syndicate in various start-ups. gaming-updates separately saw an email confirming the current allegations against Osama Ammar. It was sent via a special vehicle to people who were transferring money to become Stripe shareholders. The SPV will acquire Stripe shares through a secondary offering.
“Osama transfers money to his private holding companies and later tells us that this is the only way to take advantage of investment opportunities,” Zaguri wrote on his blog.
According to him, other members of The Family repeatedly requested documents confirming that the investments had come. In November 2021, Ammar announced on LinkedIn that he was leaving The Family.
“My resignation letter was posted on the House of Companies website on Friday. I am no longer the director of The Family and I am leaving this ecosystem, ”Ammar wrote on LinkedIn at the time.
“The ecosystem has changed a lot and raising money is not as difficult as it used to be. Fundraising has become a common practice long before your product/market is up to par, and it presents entrepreneurs with challenges of a very different nature from those the ecosystem has been facing in recent years,” he said. in November 2021.
Now Zaguri says the Family asked him to leave the company in September 2021. “We are going to bring in an intermediary, then several law firms and an independent audit firm (PwC),” Zaguri wrote.
To the best of our knowledge, The Family works with several law firms in various jurisdictions. Capital spoke with one of the company’s lawyers, Elsa Summery. According to him, several cases are under consideration – they are being investigated by criminal and economic courts. “The family has initiated two proceedings to freeze the assets of Osama Ammar and the assets of his private holding companies,” Sammari told Capital.
This won’t be easy, as Ammar’s holding companies are scattered around the world, including the Cayman Islands and Hong Kong. Ammar also recently edited his LinkedIn profile and revealed that he lives in Dubai.
Yesterday, Ammar responded to Capital’s report in another LinkedIn post. “This is a trial between partners with constant dissatisfaction. Such a breakup is unpleasant, but it happens quite often. Entrepreneurs know this very well. Since 2020, we have been trying to find a peaceful solution. But, despite many hours of negotiations, we did not come to an agreement, ”Ammar wrote.
In 2018, Ammar was given a four-month suspended sentence in a separate case. In 2011, Ammar worked for B Sport. The company sued for breach of trust, forgery and use of forgery. At the time, B Sport alleged that Ammar used some of the company’s money for non-commercial expenses.
The family was founded in 2012 by three co-founders: Alice Zagouri, Osama Ammar and Nicholas Colin. They teamed up to create a one-of-a-kind startup accelerator with no packages or demo days. Instead, startups can sign up and join The Family’s startup community.
In exchange for a share, they could get advice from the family team and interact with other members of the community. The family has even helped some startups in their community when it comes to fundraising.
Zaguri has listed some of The Family’s portfolio companies on his blog. These include Hetch, Algolia, Payfit, Spacefill, Trusk, Northflank, Barley, June, Jinka, Doctrine, Mercy Handy, So Shape, Side, Wybe, Dark, Unai, Womenten, Flat, Fempo, Shipix, MyDiabee, Bellman, Fairmint . Artpar, Kaba, Plum, Alma and Kimono.
A few years ago, The Family was the cornerstone of the French tech ecosystem. The family’s office building was the physical embodiment of a new wave of French start-ups with global ambitions.
Over time, The Family has diversified its business into an education and digital transformation company. In total, The Family raised €22 million ($24 million at current exchange rates).