Sunday, April 2, 2023

The dispute between the start-up Ava and the owner is getting ugly

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Toxic dispute between the Zurich start-up Ava and the new owner

The dispute between the Zurich start-up Ava and its new owner FemTec Health escalates and becomes ugly, writes the “Bilanz”.

Published: 6 minutes ago


Updated: 1 minute ago


Former Ava boss Lea von Bidder and Kimon Angelides from FemTec Health are at loggerheads.

Marc Kowalsky («Balance Sheet»)

It was an emergency sale, and a bad one at that: In July, the American FemTec Health took over the assets of Ava, the manufacturer of bracelets for measuring fertility raised by Lea von Bidder (33). The Ava shareholders were paid with shares in FemTech Health, which have since been on the books of Ava’s successor company QvQ. But since July, FemTec Health has also stopped paying its suppliers, vendors and employees. The Zurich employees are also affected.

Now the dispute escalates

Lea von Bidder ran the new parent company, more specifically its Swiss subsidiary Ava Sciences-FMTC established as part of the deal. Its sole director is Kimon Angelides, founder, majority shareholder and CEO of FemTec Health. The Houston-based company, which took over four other start-ups almost at the same time as Ava, is in trouble itself and recently laid off 33 of its 82 employees.

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