There's been a 10x increase in Seed-stage funds, with 2,380+ venture funds formed in the last 10 years alone. A new type of fund manager has emerged and evolved.
Traditional venture capital funds tend to either be late-stage generalists or multi-stage funds that scale with assets under management. This has left a white space for general partners (GPs) to form as solo capitalists and non-consensus alpha specialists, opening up new opportunities for these types of active specialists rather than passive check-writers.
We represent active emerging fund managers who scale with their lawyers.
Accelerators offer educational-driven curriculums where startups receive mentorship, education, and networking resources. Acceleration programs are typically more competitive than incubators and the principals like to work with early-stage startups that have already shown significant traction or product-market fit. Y Combinator is the most well known.
We work with our accelerator clients to lower their legal spend by creating customized workflows and legal processes that drive efficiencies into their scalable model. Accelerators are capital constrained, but they do not need to be constrained by their legal needs.
Traditional venture capital funds are structured as limited partnerships. Typically, two or more affiliated LLCs will be formed to setup the management company & general partner (GP) who will act as the investment adviser and fund manager to the fund.
We represent fund clients in the drafting, negotiations and subscription process necessary to complete the fund formation, including:
Deals are the backbone of venture capital. Having represented both side of the table, we have seen our fair share of good and bad deals. What separates the good from bad deals is not easy to spot without experience.
From the most complex of Series A corporate documents to the simplest of Safes, we have seen all types of early-stage financing documents.
Our experience covers a broad range of financing areas, including: