How SimpleClosure helped Continue AI seamlessly wrap up their shutdown and distribute capital back to investors
Customer Story
Sustainability
Industry
$5.7M+
Raised
2021
Established
$5.7M+
Raised
Sustainability
Industry
2021
Established
Meet Continue AI
Continue AI was at the forefront of corporate sustainability. They successfully penetrated Fortune 500 companies, and specialized in simplifying the intricate task of managing diverse sustainability metrics and data; ultimately enabling businesses to make well-informed and impactful eco and ethical decisions.
“Closing a company is a complex task, it requires immense attention and diligence. SimpleClosure facilitated a remarkably efficient process, ensuring all details were thoroughly addressed. This enabled us to foster positive relationships with investors and seamlessly transition to the next chapter in our careers, focusing on what lies ahead.”
Beeri Amiel, Continue AI
The Challenge
Continue AI was a Delaware corporation based in both the United States and Israel that was faced with not only the harsh reality of shutting down, but also having to do so in the midst of a complex geopolitical environment in Israel. Based on Continue AIs’ law firm’s recommendation, SimpleClosure was the most efficient and cost-effective route, especially given the completeness of the product. SimpleClosure handled all the legal aspects, as well as the operational side of shutting down a company. Amidst geopolitical complexities and the delicate nature of investor relationships, it was critical to expedite the return of funds to investors.
The Solution
Maneuvering through the intricate process of shutting down Continue AI amid the backdrop of war demanded an agile and efficient solution that didn't overburden the founders in a process they're unfamiliar with. SimpleClosure stepped in as a guiding force, providing comprehensive assistance throughout. SC not only delivered all the required legal documentation but also supplied visibility into the meticulous step-by-step process that was happening behind the scenes. The constant support and quick responses were instrumental in addressing Continue AI’s needs. Thanks to SimpleClosure’s expertise and dedication, dissolution was prompt and the delicate task of returning funds to investors was executed in a timely manner.
The Outcome
The collaboration with SimpleClosure not only safeguarded Continue AI’s investors' interests but also ensured a good basis for a strong relationship going forward. SimpleClosure provided Closing Statements of Investment and tax documents for the company’s investors. These types of additional touches were tantamount to maintaining a good rapport with their VCs and Angels. Although Continue AI shutdown, being able to confidently embrace the opportunities that lay ahead was priceless to their founders. Knowing SimpleClosure diligently addressed financial and legal responsibilities, provided assurance to the founders of Continue AI to shift focus towards new ventures.
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