Next 15 announced it will shutter its venture services arm Mach49, following reports it had found evidence of potential serious misconduct.
Next 15’s office building in London, photo courtesy of Next 15
UK consultancy group Next 15 has announced it will shut down its US venture investment subsidiary Mach49, following reports it had found “potential serious misconduct”.
Next 15 announced in June that it became aware of the misconduct while assessing the final earnout payment to be made to Mach 49 in connection with its acquisition of the venture advisory company in 2020. It terminated the employment of three members of Mach49’s senior management and referred the matter to law enforcement agencies.
Next 15 was forced to materially reduce its forecasts for the financial year to January 31 2026 following the unexpected termination at the end of last year of a large customer contract that Mach49 had held. The announcement caused the company’s share price to fall sharply.
In today’s announcement, Next 15 said it expects Mach 49 to cease operations by the end of the fiscal year 2026, following an “orderly wind down”.
It has entered into arbitration proceedings with former Mach49 members in relation to the remaining earnout payments. It has also counterclaimed for those previously paid.
Mach49 is based in Silicon Valley and has provided a range of venture-related services to clients, including helping them to establish CVC units and recruit staff.
