Adventure Capital's website is swish but brief.

In fact, this is what it says "Adventure Capital is a private alternative asset investor with a focus on early-stage (seed to series-A) and growth financing of new economy businesses. Founded in 2006, initially as the personal investment vehicle of our Founding Partner, we have worked tirelessly to forge Australia's entrepreneurial ecosystem and catalyse growth and impact of our best, brightest and most aspirational talent. Our diverse portfolio companies, investment partners and trusted global network unite around the relentless need to innovate beyond the status-quo and create something greater."

And nothing else.

ASIC has cancelled the licence because the company failed to meet its financial reporting obligations. But the cancellation is not quite as clear cut as might seem.

For example, ASIC says "The licence authorised ACVM to deal in interests in managed investment schemes to wholesale clients. ACVM is permitted to provide financial services that are reasonably necessary for, or incidental to the liquidation and distribution of its assets and the winding up of its scheme until 30 June 2023."

So that creates a complexity: the company has no licence, not even a conditional licence, but it is allowed to do business which requires a licence.

ACVM has held AFS licence no. 488767 since 30 September 2016 but the website makes no mention of the AFS licence. Nor does it mention a registered office etc.

We looked at the website within six hours of the announcement by ASIC.

This clearly shows the importance of checking who you are dealing with.

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