Did my old job only exist because of fraud?
6 hours ago
- #career-reflection
- #vc-funds
- #startup-fraud
- The author's early career at UK startup GenieDB moved to the US after a takeover by US VC fund Frost VP, which proved pivotal for their life.
- GenieDB pursued acquisition over revenue, had few customers, and struggled as big-tech and open-source surpassed their technology efforts.
- Years later, Frost VP faced SEC fraud allegations for excessive fees and dubious expenses, raising questions about GenieDB's role in the fraud.
- Evidence suggested GenieDB was used to siphon investor money through fees, making the author feel insignificant despite the life-changing impact.
- The author reflected that, despite the fraud, GenieDB had a genuine concept and team effort, and life often changes due to chance or crime.