DALLAS--(BUSINESS WIRE)--Nanban Ventures LLC (“Nanban Ventures”), a Dallas-based venture capital firm investing in startups and other private companies that are committed to making a positive societal impact, recently sent a letter to investors highlighting the steps being taken to safeguard their investments. The Nanban Ventures leadership team reaffirmed its belief in the firm’s mission, it is working to ensure the SEC has the information it needs, and it intends to honor its commitments to investors.
The full text of the letter follows:
October 21, 2023
Dear Nanban Ventures Investor,
As the week draws to a close, we wanted to share a brief note reflecting on the past few days.
The purpose of Nanban Ventures is to help investors achieve their financial goals while investing in bright ideas, and building entrepreneurs. Over the past three years, our team has done just that.
For the past year, our company and legal counsel have been cooperating with an inquiry by the SEC, confident that doing so would lead us to a place where our robust business practices would be externally validated. Instead, we find ourselves in a different position, which we believe stems from a fundamental misunderstanding of how Nanban Ventures operates. We are working around the clock to clear up this confusion. If we find ourselves unable to do so, we will vigorously contest the allegations.
It is our position that Nanban has sufficient means to honor our commitments to our investors.
We would like to address some of the steps we’re taking:
- Since being contacted by the SEC, Nanban has responded to all requests and shared any information requested. We respect that their process is designed to protect investors.
- We are working with our lawyers to explore all potential remedies to protect the interests of our investors.
- We are in the process of retaining additional forensic accounting experts to assist in documenting the financial transactions.
- We are working to ensure the SEC has all of the information it needs.
We appreciate that the announcement earlier this week can be concerning. We are taking it extremely seriously and, while we are disappointed with the current situation, we remain committed to Nanban’s mission and will continue to act ethically and in your best interests.
As always, we are here for you, and you can reach your contact at Nanban.
We thank you for your support and patience during this time.
The Nanban Ventures Team
About Nanban Ventures
Launched in June 2021 in Dallas, Texas, USA, the Nanban Ventures family of funds focuses on investing in technology and real estate portfolio companies in the United States while also providing income generation opportunities to investors.