“It is unfortunate that SABT and NexUS1 pursued litigation. Nexii denies all claims of wrongdoing in both cases, according to a statement to Glacier Media. Nexii made a number of representations in that respect and certainly that’s why this relationship was entered into that way,” said Max Krangle, vice-president of business development at SABT. They wanted Nexi to succeed, thought this was a huge breakthrough in construction technology and really wanted to be a part of it, not just as investors but also hands on the ground, let’s build this stuff and build up a big business. “The Kainth family was very much in support of Nexii. These investments assumed that SABT would enter into a licensing agreement with the company. Symphony Group Companies’ managing director Gurdeep Kainth said that he and multiple family members have invested millions of dollars in Nexii. SABT is suing Nexii over alleged issues between the two companies to fulfill an early-stage licensing agreement. Supreme Court civil suit involves a subsidiary of Burnaby-based Symphony Group, Symphony Advanced Building Technologies Inc. Sidwell is described in court documents as the “individual bad actor principally responsible for perpetrating these frauds, doing so for his own personal monetary gain and aggrandizement.”Ĭloser to home, Nexii’s B.C. The suit also names Stephen Sidwell, “serial entrepreneur” and CEO of Nexii, as a defendant. This allegedly resulted in significant financial losses, reputational harm and operational setbacks for the plaintiffs, according to court documents. Green construction company NexUS1 LLC and investor Nex-Stock LLC, assert that Nexii made false representations to generate investment and participation in their franchise program. And in the eastern district of Pennsylvania, Nexii is being sued for breach of contract, as well as fraud, tortious interference and securities fraud. Since then, the company been battling an alleged breach of contract in B.C. Two previous funding rounds in 20 raised $45 million and $33 million, respectively, thanks to the company’s development of “Nexitte,” a low-carbon alternative to cement and concrete for floors, walls and roofs. Nexii also advertises a board of directors and leadership team stacked with big names, including former Vancouver mayor Gregor Robertson, former global president and COO of McDonald’s Mike Roberts and actor Michael Keaton, an investor in the company.Īs of 2022, the company’s valuation was estimated to be more than $2 billion following a $45 million raise from investors. Just two years ago, the green building startup declared it had attained unicorn status – a private company with a valuation of US$1 billion or more – faster than any other Canadian company. is having their business practice called into question once again as the company defends itself in a second lawsuit. Vancouver-based unicorn Nexii Building Solutions Inc.
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