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Washington, District of Columbia, United States
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Alexander Monje
Are SPACs making a comeback? It sure looks like it. See some stats below. Three SPAC IPOs priced this past week. LIONHEART CAPITAL-backed Lionheart Holdings (CUBWU) raised $200 million, Melar Acquisition I (MACIU) raised $150 million to target “emerging finance”, and Flag Ship Acquisition (FSHPU) raised $60 million to target middle-market growth businesses. Six IPOs submitted initial filings this past week. Hospital and health care clinic operator Ardent Health (ARDT) led the pack, filed to raise an estimated $500 million. Country club owner and operator Aureus Greenway Holdings (AGH) filed to raise $19 million at a $119 million market cap. Real estate platform Linkhome (LHAI) filed to raise $12 million. China-based TV program distributor Unitrend Entertainment Group (INHI) filed to raise $6 million at a $186 million market cap. Chinese business services provider YSX Tech (YSXT) filed to raise $6 million at a $116 million market cap. Chinese precision parts manufacturer ZJK Industrial (ZJK) filed to raise $5 million at a $305 million market cap. Seven SPACs submitted initial filings this week. Voyager Acquisition (VACHU) filed to raise $261 million to target healthcare. SIM Acquisition I (SIMAU), formed by Sauvegarder Investment Management, filed to raise $200 million to target healthcare. SilverBox IV (SBXD.U), the fourth SPAC formed by members of SilverBox Capital, filed to raise $200 million. HCM II Acquisition (HONDU), backed by Hondiu Capital Management, filed to raise $200 million. Tavia Acquisition (TAVAU.RC) filed to raise $175 million to target energy transition, the circular economy, and food tech. Black Spade Acquisition II (BSIIU) filed to raise $150 million to target entertainment, lifestyle, and technology. Future Vision II Acquisition (FVNNU) filed to raise $50 million to target the TMT industry in the Greater China region. #SPACS #IPO #MERGERSANDACQUISITIONS #CAPITALMARKETS Source: https://lnkd.in/eQ8XxrFc
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Ketaki Suklikar
Shifting gears from governance this week to talk about an economic term of a transaction that is more commonly seen in early stage venture deals. “Liquidation Preference” determines how the pie is shared when a liquidity event occurs. It may be a participating LP or non-participating LP. The right will trigger in case of a liquidation or winding up of the Company and also in case of any other liquidity event like a sale or merger of the Company. If such an event occurs, the preference shares are entitled to receive, in preference to equity shares, an amount which is the higher of: (i) a pre-decided amount - typically 1x of the investment amount (this is the LP) or (ii) the amount they would be entitled to receive if they had converted to equity and did not have an LP. There are three varieties of participation: full participation, capped participation and non-participating. Fully participating LP, will first receive their LP and thereafter share in the liquidation proceeds on a pro rata basis along with equity shares. Capped participation indicates that the participation described above is capped until a certain return multiple is reached. LP clauses are easy to understand when dealing with a series A term sheet, but things get complicated as a company matures and raises many follow-on rounds - understanding how LP works between the different series is often mathematically (and structurally) challenging. There are two primary approaches: (1) The follow-on investors will stack their preferences on top of each other: series B gets its preference first, then series A or (2) The series are equivalent in status (called pari passu) so that series A and B share pro-rata until the preferences are returned. Pari-passu approach is the market practice for several reasons. Incentivizing the management / employees is also an important consideration as the greater the LP ahead of equity shares, the lower the potential value of the management / employee equity. It is also important to note that investors get the higher of either the LP or what they would get on a fully converted equity holding, at their election; they do not get both. Depending on the valuation of the company, investors will elect to either convert to equity or stay with the LP. If an Investor has participated in several rounds, the election between taking LP or converting to equity may be different for each diff series of preference shares held by an investor - depending on issue price of the different series. When drafting an LP clause it is important to link the right to the specific series of preference shares (LP goes with the shares not the investor). Defining clearly what qualifies as a “liquidity event” is important, as is how a distribution will be made if there are no cash proceeds but the transaction is a stock deal or other such structured deal. FEMA related pricing issues also need to be addressed when LPs are being enforced.
1081 Comment -
Aurel Pasztor
Interesting piece from Marc Andreessen on how startups are not getting the regulatory support they need to sustain America's technological leadership. "Regulatory agencies have been green lit to use brute force investigations, prosecutions, intimidation, and threats to hobble new industries, such as Blockchain. Regulatory agencies are being green lit in real time to do the same to Artificial Intelligence." While many investors themselves (both in the US and Europe) are worried how AI will change our lives, our jobs and social interactions, the top VC opinion leader thinks regulation is already too restrictive. #techstartups #techleadership #strategicgrowth
91 Comment -
Paula Reichenberg
LET THE INVESTOR SPEAK, part 1: "Find yourself a person who asks questions that hurt, and who pushes you to care about the dead boring stuff." That's Raoul Dobal's advice on how to spot the perfect investor and board member. As an angel investor, active board member and CTO of PMG Investment Solutions AG, Raoul is ready to get his hands dirty and to serve as an active and committed board member in the startups he invests in. It's also the best way for him to make sure his investees will succeed: giving them an experienced and hands-on support, and making sure the nitty-gritty aspects of growing a company are not neglected. We're talking compliance, data security, HR strategy, and the legal setup. Because while building an awesome product might be the most activating thing to do, setting the reliable groundwork is what's going to help limit future risk. As a startup that got ISO-27001-certified in its first year of existence, we at Neur.on couldn't agree more. In our case, legal and banking clients are only working with us because we can prove how secure our data flows are. That's super boring stuff. Until it isn't. ---------- In the ongoing series "Let the investor speak", I'll showcase personal insights from investors all across the board to help you diversify your search for an angel investor or VC company.
311 Comment -
Arun Mittal
Just wrapped up an insightful few days at Legal Innovators California, focusing on AI/LLM in legaltech. Key takeaways: - AI is poised to disrupt the legal practice imminently. - Growing interest in automating routine tasks like SaaS contracts and NDAs. - Cyborg solutions, integrating humans for quality control, are being launched in legal services today - RAG is intriguing but not foolproof for precision in legal matters (very different from creating marketing copy for TikTok) I'm excited about the concept of autonomous agents negotiating contracts and streamlining core issues for human attention - a game-changer! Looking forward to more developments in this space! Lauren Bonner Jonathan Jetmundsen Juristat #LegalTech #AI #Innovation #LegalInnovatorsCalifornia
123 Comments -
Salem Bagami
Seed VCs are turning to new ‘pro rata’ funds that help them compete with the big firms Alpha Partners, SignalRank and now SaaS Ventures help seed VCs pay for shares when big VCs try to price — or push — them out Lee Edwards, partner at Root VC, has a saying at his firm that “pro rata rights are earned, not given.” That may be a bit of a stretch since pro rata refers to a term that VCs put in their term sheets that gives them the right to buy more shares in a portfolio company during consequent funding rounds to maintain an ownership percentage and avoid dilution. Still, while these rights are not exactly “earned,” they can be expensive. One of the latest trends in VC investing these days are funds dedicated to helping seed VCs exercise their pro rata rights. https://lnkd.in/dRM3RvdA By Christine Hall
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Russ Krajec
Here's a recording of a webinar I did this week for the Angel Capital Association - Due Diligence and IP Valuation Case Study. If you are interested in how we underwrite IP-backed loans, this digs into the thought process - and the tools - we use to evaluate IP. https://lnkd.in/g3i8jPh7
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Brian Alford
Startups raising a “bridge” round between equity rounds can use a standard SAFE or convertible note - simple, right? Not quite. If the next equity round is imminent, a no cap, no/very small discount SAFE works well. If the next round is further out, it gets complicated. SAFEs/notes were designed to be used before a priced equity round, so many of the terms don’t fit between equity rounds. This series on bridge rounds walks through the right changes to make to SAFEs/notes to reflect the right economics between equity rounds. Part 1 — The Valuation Cap The concept of a SAFE/note valuation cap is out of its element after a priced equity round. The cap allows the investor to convert at the lower of the valuation cap or the valuation of the next priced equity round. The SAFE investor doesn’t take any risk that the startup’s value may go down from the closing of the SAFE investment to the closing of the next priced equity round. The cap makes sense for early stage companies where the future is less certain, especially if the investors (friends and family, wealthy individuals, etc.) aren’t pros at valuing startups. Angel investors rely on the diligence, resources and experience of a later institutional investor to more appropriately determine the valuation in a priced equity round. Those later stage investors purchase equity with a fixed valuation, not a valuation cap, and take the risk that the valuation of the startup may go down in the future. This post explains what alternatives are available to align SAFE/note terms with the right economics for an investment after a priced equity round. Special thanks to Jeremy Raphael for his insights.
333 Comments -
Christy Johnson
Think about your institutional investors in these buckets: ▪ strategic investors -- corporate venture, industry-specific funds, might be a family office that operates in your industry. They have deep insight into your industry, probably some of your predecessors or competitors, the IP landscape, customers, and potential acquirers. A lot of these investors are corporate finance professionals and have managed significant businesses in your industry. ▪ financial investors -- generalist funds, geo-specific investors. They are going to have a broad understanding of the venture market across categories and models, probably be career-long financial (if not career-long venture) professionals with serious books of business on their record. ▪ operator investors -- founders/operators turned managers, have experience in most of the dimensions of 0-1 founder life (fundraising, building a team, getting to PMF, scaling operations, GTM) Obviously there's not a clean line between each of those categories, but it's helpful to know what each type of investor cares about, what experience they're bringing to your cap table (and your life as a founder broadly), and what kind of investors you want at the table. As operator investors working across industries, we like to see strategic investors around the table, too, because their perspective compliments what we bring to the table!
226 Comments -
Pascal Unger
If you're building a fintech startup, you likely know of this investor, but just in case... This week's findfunding.vc spotlight is on Neil Kapur from TTV Capital. He: 🛫 Is based in SF & Atlanta 💲 Has spent time at Google in consumer-facing payments & at two fintech startups 🏔️ Loves alpine mountaineering and has climbed Kilimanjaro, Denali, Rainier, and more!! Amongst founders, Neil and the team at TTV Capital , including Gardiner Garrard, Mark Johnson, Sean Banks, Lizzie Guynn, and Laney Lewis are known for saying “lift, not lean.” They believe that their job as investors is not to create work for founders, but instead ask the right questions and help navigate to the best outcomes. Knowing Neil well personally, he's not only my go-to person for anything related to fintech but I can also highly recommend having him on your cap table - he's the kind of human you want to have in your corner during both good times and bad. Make sure to: ✉️ Pitch him at nkapur@ttvcapital.com ➡️ Follow TTV Capital on LinkedIn For more, check out our funder spotlight card below along with TTV Capital's profile on findfunding.vc (link in comments).
17216 Comments -
Trevor Mason
Dan Primack had some pointed criticism for #VC yesterday in his Axios Pro Rata newsletter (a daily must read IMO 😤). In short, the model doesn't work if it can't produce exits for LPs. Don't blame public markets (which are at all-time highs) for the lack of liquidity either. 📈 💸 Instead, this is a "liquidity drought of your making" where "...swinging for the fences on every pitch, rather than taking the single or double that's available" is the only way out when you invest at "sky high valuations." 😰 "A whopping 37% of "unicorns" are being held for at least nine years by VC funds, including 13% that are past the 12-year mark." 😳 ⌛ Is he right? Is VC at a dire inflection point? Or is Primack prematurely hitting the panic button? 🚨 https://lnkd.in/dts92pXr
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Natalie Lederman
I spoke with Cointelegraph Magazine in its article, "Godzilla vs. Kong: SEC Faces Fierce Battle Against Crypto’s Legal Firepower," published on May 22, 2024. The article discusses the U.S. Securities and Exchange Commission's ongoing legal battles against cryptocurrency firms, with the SEC's crypto prosecutions rising 53% in 2023. To learn more, click here: https://lnkd.in/egZCTrwE #WhatsYourNext
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Yuval Ben-Itzhak
Evolution Equity Partners is thrilled to lead the $16M investment in Cytactic! Cytactic is building a game-changing platform to empower companies to prepare for, respond to, and recover from cyber crisis events. The platform allows all stakeholders to collaborate effectively and handle the complexity of a cyber event in a simplified and orchestrated way. Gartner forecasts that by 2025, 75% of companies will face cyber attacks. With the average data breach costing $8.64 million, regulations tightening, and CISO professional liability and insurance becoming critical issues, this underscores the need for effective cyber crisis readiness and management. Cytactic equips companies to do just that. #cybersecurity #cybersecuritypreparedness https://lnkd.in/dvVZbDZq
1055 Comments -
Liz Walsh
⛳ Emerging fund managers pulse check. PitchBook tracks over 10,000 funds that are raising money, with 45% being emerging fund managers (defined as firms with less than 3 funds). Despite a dip in available capital—down to 16% from the pre-pandemic 23%—these managers are finding creative ways to stay competitive, like partnering with larger firms. 💼 Joanna Drake (founder turned investor) shared how "wildly different" it is raising a fund versus for a startup. One key datapoint she shared on the fund side was how little feedback you get along the way (and the years you can wait for it). The “long-winded and challenging process to raise capital” inspired Drake and Ben Black to create RAISE Global, a community for emerging fund managers and the “forward-thinking LPs” who back them. (A decade later, several hundred emerging managers with AUM under $200m are on the platform) They've found the newest emerging managers are more diverse and geographically dispersed than Silicon valley, and more were able to crack the ceiling and raise larger $100m funds (although this is still a small % of the market, requiring partnership with larger funds at the late stage). ▶ And not a hugely surprising datapoint: A lot of action is in the sub $49 million range, where roughly 50% of emerging managers are raising. Theresa Sorrentino Hajer, Head of U.S. venture capital research at Cambridge Associates warns that past success isn't actually a strong indicator on it's own to assess emerging managers. We've had a valuation reset. And newer managers with investments during the 2019-2021 "party days", need to build relevant track record and play to their strengths. A lot of emerging managers are specializing (70% who applied for Raise had a thematic focus), and betting on getting in as early as possible in the startup's lifecycle (Raise: 31% at accelerator/ pre-seed stages, and 47% at seed stage). “Emerging managers have to compete on a different dimension,” Nick Moran from New Stack Ventures. You're no longer just dealing with capital. Emerging VC's need to be as innovative and nimble as the startups they invest in, having a unique thesis and insights. They also play a role at the top of the deal-flow funnel: helping larger firms find promising companies, so finding a thesis, sector or philosophy aligned partner at a larger firm is helpful. Onwards! #EmergingManager #Startups #VC
241 Comment -
Pejman Nozad
Pear VC Startup Equity Calculator for Early Hires Pear VC head of talent Matt Birnbaum created this calculator to determine the equity for early hires. You can read more here How to structure startup equity for early hires https://lnkd.in/ggmpT5-Y https://lnkd.in/gjsvths6
2507 Comments -
Joseph Lucosky
As Cboe gains traction with micro-cap companies and beyond—will they take market share away from Nasdaq and NYSE? The answer to that question remains to be seen but Cboe is definitely off to a fast start. While Nasdaq is to be commended for being the overwhelming favorite listing destination for growth-oriented micro-cap companies and for keeping our ecosystem strong through challenged markets– new options are good for everyone. We get asked every day the “REAL” listing differences between Nasdaq and Cboe and while the written listing standards are very much the same, the implementation of those standards appear to be more issuer friendly when it comes to Cboe. Forbes Business Council has published our most recent article, New Listing Options for Micro-Cap Companies and Beyond: Cboe Global Markets Throughout the article, we explore the ground-breaking shift in the landscape of senior exchanges for micro and small-cap companies with the addition of the Third National Exchange- Cboe. We also go into painstaking detail on the difference in the “Core Four” Listing requirements between Nasdaq and Cboe. Check out the article link below to discover how Cboe could potentially reshape micro-cap (and beyond) IPO game! https://shorturl.at/aizA9 Whether our clients engage in an Uplist, Cross-list, Direct List, #SPAC, de-SPAC, Merger, #ReverseMerger or #IPO through a private placement, firm commitment underwriting, Reg A or otherwise, Lucosky Brookman is at the forefront of sophisticated OTC and Senior Exchange Listed Transactions. #ipo #lucoskybrookman #nyse #nasdaq #cboe #lucbro #forbes #forbesfinance #forbesfinancecouncil Lucosky Brookman LLP Joseph Lucosky Amit Hazan
876 Comments -
Jay Gao
Steno's new AI product lets attorneys "talk to" transcripts and works like magic--what used to take hours or days now takes seconds... Excited to double down with an additional $46m to launch more products and even more geographies! #legaltech #AI Greg Hong Dylan Ruga Dan Anderson Jason Fiedler Mark Shtrakhman
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