For the last 15 or 16 years I have been spinning life science companies out of academic institutions and one of the biggest challenges I saw 15 years ago and I still see now is funding the early stage companies on spin-out — James Shaw In the May issue of Biotech & Money’s Drugs & Dealers magazine, our co-founder James Shaw talked to the magazine about the state of the fundraising market in the UK and the firm’s role as one of the leading legal advisers in this sector. Here are some great excerpts from the article: Drugs & Dealers: Perhaps you could…
In January 2016, Tech.eu reported there was a massive uplift of seed and series A rounds across Europe. According to the research, the biggest increases were seen at €500K or lower (pre-seed or seed) and in rounds between €1M and €5M. Tech.eu reports that compared to one year ago, deals tripled in this bracket – from two to 76 in 2016. At JAG Shaw Baker, this is exactly what we’ve been seeing over the past several years — a proliferation of small Seed rounds between €150K and €500K. In addition, the two other trends from our vantage point are a shift in…
Early stage funding for start-ups is getting complicated. For many years, companies have raised initial seed funding through convertible loans instead of selling shares. In this type of funding, the loan, together with interest, automatically converts into the shares a company sells in its next funding round at either a discount (ranges are between 10% and 30%) or the lower of a discount or a valuation cap. There also may be specific limitations on the size of that funding. In recent years, following on to trends in the US with the Simple Agreement for Future Equity (SAFE) and Keep it…
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