Venture firm Tribe Capital wrote to a select group of its co-investors earlier this month with some bad news.

Tribe was slashing its internal valuation of Canadian-British startup Invenia, on which it had bet $30 million, by 95%. Invenia co-founder and Chief Executive Officer Matthew Hudson had been “terminated” and a board-led investigation found he’d “secretly, systemically and repeatedly inflated the revenue and profitability of the company,” according to the memo, which was sent by Invenia board member and Tribe CEO Arjun Sethi. READ MORE