Can I recover my $20k from a failed SAFE note investment?

masterpatfun

New Member
Hey gentlemen. 29 here. About 3-4 years ago, I invested in what I thought was a good startup. Legit setup. Asked all the right questions, I believed. It was an ethical, eco, earth-friendly soap.

Long story short, I invested 20k. I got a SAFE note document, but NO shares. Company still listed. One director removed themself. Two directors remain.

Curious: what can I do to chase this up or get my money back? I still have a bank statement showing I sent the money. Given I have the SAFE note, is there anything I can do?

I’ve done my own digging. Spent money on ASIC for info. However, the other investors in our circle w(e all went in separately) aren’t interested in chasing it. Is it WORTH it?

I’ve been back and forth. Want to get this back, but also learned a lesson. Hopefully others can learn too.

Thoughts, comments appreciated. Hope all are crushing goals and making money
 
Unless the company buys back the share from you, or does a liquidity event, you won't get anything back until they sell the business, do a Series A round, or go public. SAFE notes don't work like CommSec.
 
Thanks gents. MUCH the response I expected – more to the story than what was said above.

More so from the company and director: negligence, a complete lack of communication, and zero transparency to all investors involved. Our group were only a small amount of larger investors, etc.

Lesson learnt
 
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