The Angani saga still continues. However, this episode is disturbing. The Angani co-founders claim to have been defrauded of over $50,000 in cash and shares from their investors and they are pointing fingers at Erik Hersman of BRCK and Miguel Granier of Invested Development.
Ex-CEO and co-founder Phares Kaboro posted, “I’ve refrained, for a while on commenting publicly about Angani. I break my silence today. Angani was started by Brian Muita and I in 2012, incorporated in 2013. Brian’s mother gave the business a $50,000 loan in 2014. Some of this money was used to buy a storage array, some of this money was used to pay salaries for all staff, including current management. It also bought infrastructure that Angani is still using. A repayment schedule was agreed on and budgeted for, beginning September 2015.”
Phares says the payments for September and October were submitted to the bank just as they were leaving the company and the payments were topped when they left the startup to start Node Africa.
Phares says the $50,000 was a bank loan taken by Brian Muita’s mother who has been forced to repay the bank loan on her own meanwhile Angani is qiuet.
“This is personal. This was a loan given to the business by a founders mother, the ethics of this are not good. We cannot go around robbing people because we disagree with their children. It turns out that the money was actually a loan taken, so she’s been forced to pay $60k plus to the bank, meanwhile Angani is enjoying the benefits of the infrastructure while stopping all payments to her. This is wrong. This is unethical.”
Brian, who is now running Node Africa with Phares publicly shamed the investors.
“This is blatant theft. Fact is that there is a very clear contract with stipulated repayment terms that has been defaulted on for spite. Action is being taken on this,” Brian posted on Facebook. “That aside, be warned of Miguel Granier, the vulture fund masquerading as a social impact fund that is Invested Development, Erik Hersman and their cohorts at Angani Limited who can rob an African woman and mother of her life savings.”
The co-founders claim not to have been by Angani for their shares and they never got severance pay.
“What’s particularly disturbing about this is that the actors who are involved all claim to be in the business of supporting startups, yet they are actively punishing someones mother for loaning a start up money. This is wrong. We are pursuing other avenues to get this money out, but these actors cannot be trusted and that needs to be clear.”