“They are extremely thorough yet also very business-minded. They really
understand the space and are very efficient; a hidden gem in venture capital work.”
The attorneys in Blank Rome’s Venture Group represent sophisticated venture capital and growth equity investors and their portfolio companies. In addition, the Venture Group offers a comprehensive program that provides legal advice, as well as personalized assistance with business/investment needs, for early stage and emerging businesses.
We routinely provide representation in venture/growth equity financings, and offer ongoing counsel to early stage and emerging growth businesses. While our Venture Group represents businesses in numerous industries, targeted areas of focus include information technology and software, healthcare IT, life sciences, fashion and retail, medical devices, and clean energy technology.
We view ourselves as long-term partners, offering proactive business insight to help our clients achieve their business goals. We bring our clients the benefits of a diversified corporate practice, with experience in corporate finance, business tax, employment law, employee benefits, intellectual property protection and licensing, international trade, energy, healthcare, securities, environmental and government contracts, to provide seamless and cost-effective service. In addition, as a result of our strong relationships with entrepreneurs, financing sources and investment banks, we have the ability to make introductions and facilitate business relationships to help our venture group clients advance their goals.
Services for Venture Funds
With backgrounds in business and accounting, and experience at regulatory agencies such as the Securities and Exchange Commission, our attorneys provide a practical, business-minded approach to solving complex legal issues.
Our services for venture fund clients include:
- Equity financings (seed, early stage to mature)
- Convertible debt and bridge financings
- Portfolio company acquisitions and divestitures
- Fund formation, management, and operation
- Regulatory compliance under federal and state securities law
- Strategic alliances
- Joint ventures
- Shareholder arrangements
- Corporate governance strategies
- Employee Retirement Income Security Act (ERISA) and tax issues
Blank Rome’s Involvement in the Venture Community
Blank Rome LLP has long been a part of the venture community. We don’t just represent the emerging growth sector—we invest in it.
We are a sponsor of Investors’ Circle, The Entrepreneurs Network, the Entrepreneurs’ Organization EO Philadelphia Chapter, and FashInvest. Blank Rome also has been an integral part of the Private Investors Forum’s Angel Venture Fair, Funding Post and Good Company Ventures. We founded and sponsored the HIMSS Health IT Venture Fair, which will hold its next annual conference in February 2017.
Services for Early Stage and Emerging Growth Businesses
Whether starting a new business or expanding an existing one, experienced and forward-looking legal counsel is a valuable resource for all of the phases of a young company’s life cycle. Early stage and emerging growth businesses face many unique challenges, from choice of legal entity, to growing profitably, managing competitive threats and creating liquidity. Our business-driven, team-oriented approach permits us to become an extension of our clients’ management teams, formulating sophisticated, practical and creative legal solutions to these challenges. Services include:
- Structuring and formation of business entities/corporate governance
- Mezzanine and bridge funding
- Intellectual property protection
- Licensing agreements
- Employment agreements, employee benefits and stock options
- Mergers and acquisitions, corporate spin-offs
- Public offerings of debt and equity, including IPOs
- Innovative financing arrangements
- Succession planning
- Government relations
- Counsel on day-to-day matters
- Regulatory and compliance matters
- Tax planning and compliance
- Non-compete and non-disclosure agreements
Value Added Resources for Early Stage and Emerging Growth Businesses
The members of the Blank Rome Venture Group work collaboratively with each other, with other Blank Rome personnel and with our strategic partners on ways to help our clients achieve their goals beyond the traditional delivery of legal services. Value added services include:
- Targeted introductions to potential funding sources, including angel, venture capital and private equity investors
- Introductions to potential strategic partners and customers
- Board meeting staffing
- Invitations to participate in educational and networking events for entrepreneurs
- Feedback on business plans and investor presentations
- Strategic advice on marketing, finance, and communications plans
Select Blank Rome Venture Group Engagements
- A Philadelphia-based private investment group that provides capital and strategic counsel to early-stage companies that are focused on solving meaningful social or environmental challenges in connection with a seed investment in United by Blue, a company that produces sustainable apparel and accessories supporting beach and waterway cleanups.
- CareCam Innovations, a company that is developing a video healthcare documentation system, in a $10 million venture capital investment made by 21 investors.
- BlackGold Biofuels (aka Philadelphia Fry-O-Diesel, Inc.) in an angel investment transaction. We also represented BlackGold in a Series A financing and additional project finance commitment from Liberation Capital.
- Edison Venture Fund, a fund that nurtures invention by partnering with entrepreneurs, in a number of transactions, including:
- Financial Services
- An investment in Boston-based Sonicbids, a web-based music company.
- An investment in RewardsNOW, a financial technology business that designs, implements and manages turnkey direct marketing for credit cards, debit cards, loans, deposits and online banking.
- Frontline Technologies, Inc., a leading technology company dedicated to revolutionizing workforce management in a variety of industries, including education, health care, security staffing, live events, manufacturing and libraries, through innovative web-based technologies, in its sale of a controlling interest to Insight Venture Partners, a leading global private equity and venture capital firm.
- Halfpenny Technologies Inc., a leading provider of healthcare connectivity and integration solutions for Health Information Exchange, in a venture financing by Vital Financial, Emerald Stage2Ventures, Osage Venture Partners, Milestone Venture Partners and certain members of LORE Associates. We also represented Halfpenny Technologies in a Series A Preferred venture financing from Osage Ventures, Milestone Partners and LORE.
- HealthVerity, Inc., a provider of technologies and software tools for the discovery and integration of optimal patient data sets, in its completion of a $7.2 million Series A round of financing led by Flare Capital Partners with participation from Greycroft Partners and Laboratory Corporation of America.
- Holganix, an organic, chemical free lawn and tree treatment company, with an investment by Originate Ventures.
- Mobile Reactor LLC (d/b/a OneTwoSee), a developer and distributor of interactive television and social media technologies in several transactions including:
- Three convertible note offerings and an equity offering to angel investors.
- A preferred equity offering to angel and venture capital investors.
- A Philadelphia-based private investment group in its preferred equity financing of a New York City-based early stage business focused on global athletic recruiting.
- The Philadelphia chapter of Investors’ Circle, a San Francisco-based group of angels, venture capital firms, foundations and family investment firms that invest in companies and funds addressing social and environmental issues, in a Series A financing in DailyWorth.com, a personal-finance website for women.
- RuMe, a manufacturer of reusable and environmentally-friendly bags, in three rounds of venture financings, and we continue to represent them with day-to-day legal and business consulting.
- Wash Cycle Laundry, Inc., a sustainable laundry service that delivers by bicycle in Philadelphia, in a seed-stage equity investment by Investors’ Circle and Robin Hood Ventures.
- Metropolitan Equity Partners, a New York-based investment manager focusing on small private companies, on a number of transactions, including:
- Advising on the formation of a number of investment funds and other special purpose vehicles
- Debt/equity combination transactions
- Susquehanna Growth Equity, in several transactions, including:
- A $16 million preferred stock investment in PaySimple, Inc., a leading provider of accounts receivable automation solutions for small businesses.
- A $25 million Series D financing round investment in Payoneer, a leading online payments company.
- Rant, Inc., a leading digital media network focusing on content and eCommerce, in a $3 million investment led by Hudson Bay Capital.