Business & Legal Developments in Silicon Valley | October 2022
Friends,
Please find below our October monthly newsletter about the global Silicon Valley.
Congratulations to Natasha Allen for being named as a Women Leader in Tech Law. Natasha’s passion for helping companies in the technology sector go from garage to global had made her a trusted advisor to clients and colleagues alike. We are also proud to share that Foley was named to Bloomberg Law’s 2022 Diversity, Equity, and Inclusion Framework. The firm is committed to recruiting, retaining, and promoting diverse attorneys because bringing a diversity of perspectives to the table benefits the firm, our clients, and our communities.
In this issue, we highlight some recent deals in the health care and manufacturing sectors handled by our team. We provide valuable insight into options startup founders can consider when raising capital and would be happy to talk through the options with you.
Be sure to listen to Natasha Allen’s podcast with Mark Dredze, Associate Professor of Computer Science at Johns Hopkins University and Bloomberg research scientist, on the new age of Artificial Intelligence. where they discuss trends in AI, the regulatory considerations, and how AI is transforming business. Louis Lehot was featured on the Boardroom Governance podcast where he covered ESG, the current state of venture capital in Silicon Valley, and the challenges and opportunities of the crypto industry.
We are grateful for your trust and confidence, and hope to see you all in real life soon.
Your Foley & Lardner Silicon Valley team (Natasha Allen, Eric Chow, Brandee Diamond, Louis Lehot, André Thiollier, and Alidad Vakili).
The Recorder Names Natasha Allen Among its 2022 Women Leaders in Tech Law
Congratulations to Foley & Lardner LLP Partner Natasha Allen! Natasha has been named a winner in the “Women Leaders in Tech Law” category as part of the California Legal Awards put on by The Recorder. The awards program celebrates the achievements of lawyers and companies leading technology, innovation, and the profession as a whole. Women Leaders in Tech Law are top women attorneys whose recent achievements have contributed to progress at technology companies and in the law.
Allen serves as co-chair for Artificial Intelligence within Foley’s Innovative Technology Sector, co-chair of the Venture Capital Committee, and is a member of the Venture Capital, M&A, and Transactions Practices. Her transactional experience includes mergers, acquisitions, and divestitures, including domestic and cross-border buy-side and sell-side transactions in Augmented/Virtual Reality, software, cybersecurity, telecommunications, and health care industries.
Foley Earns High Ranking in The American Lawyer’s 2022 Summer Associate Survey
Foley & Lardner LLP is proud to have ranked №11 nationally in The American Lawyer’s 2022 Summer Associate Satisfaction Survey. The firm’s Boston, Chicago, Dallas, Houston, Milwaukee, and Washington, D.C. offices all ranked in the top 10 in their city for overall satisfaction. Foley improved upon its 2021 Summer Associate Survey ranking, moving up from №19 to №11.
The annual survey from The American Lawyer polled 5,485 summer associates from 75 law firms on their experiences at their firms. Firms are scored based on summer associate ratings in nine categories, including partner access and mentorship, interactions with other associates, interesting legal work, training, and more.
Foley Represents Nigerian Investment App Bamboo in $15M Series A Financing
Foley & Lardner LLP represented Nigerian investment app Bamboo Inc. in a $15 million Series A round co-led by Greycroft and Tiger Global.
Launched in January 2020, Bamboo is an investment platform that unlocks global markets for Africans by providing real-time access to dollar-denominated assets. Users can fund with their dollar or local currency balance almost instantly and start investing in stocks.
The Foley team was led by Partner Natasha Allen and included Associate Saige Gallop and Senior Counsel Alicia Dorner.
Foley Represents Parties in Manufactured $13M Fund Raise
Foley & Lardner LLP represented parties in raising $13 million in equity and debt for Manufactured Networks Inc., an end-to-end manufacturing, finance, and distribution company, to expand its inventory financing solution for consumer brands. The equity financing syndicate was led by Tenacity Venture Capital and TriplePoint Capital led a debt financing syndicate, bringing Manufactured’s total raised capital to $16 million.
The Foley team representing Tenacity Venture Capital was led by Partner Louis Lehot and included Associate Saige Gallop on the equity investment. Partner Jamie Class represented Manufactured on the inventory financing transaction.
Foley Represents TCG Crossover as Lead Investor in EUR 49.2M Crossover Financing for Abivax
Foley & Lardner LLP recently represented TCG Crossover (TCGX) as the lead investor in the successful, oversubscribed EUR 49.2 million crossover financing for Abivax. TCGX was joined by additional investors, Venrock Healthcare Capital Partners, Deep Track Capital, Sofinnova Partners, Invus, and Truffle Capital.
The Foley team was led by Partner Louis Lehot and included Partners Andy Rawlins and Raj Tanden, as well as Associates Ashley Lee and Stephen Moore. The team worked with French co-counsel Laurent Beauvoit from Lexelians in Paris.
Louis Lehot Featured on Boardroom Governance Podcast
Foley & Lardner LLP Partner Louis Lehot is featured on a recent episode of the Boardroom Governance podcast episode where he discussed “compromised independent directors,” boardroom decision making, dual-class share structures, and other venture terms.
In the episode, “Louis Lehot: It all Happens Outside of the Boardroom,” Lehot also covers ESG, the current state of venture capital in Silicon Valley, and the challenges and opportunities of the crypto industry.
Foley & Lardner Hosts AI Event
Foley & Lardner recently hosted an AI-themed roundtable discussion in San Francisco with Mirae Asset Global Investments and GFT Ventures. Foley partners Louis Lehot and Natasha Allen, along with David Pack and Michael Kraslow from Mirae and Jeff Herbst from GFT, welcomed entrepreneurs and investors to talk about artificial intelligence — where we are now and where we’re going.
The group — made up of founders, thought leaders, and investors — discussed the current landscape of the AI startup ecosystem, and whether the last several months have impacted enthusiasm for the sector. We also dove into whether VCs changed the types of opportunities they’re looking to fund, and what the outlook is for the next few years.
The new rules of early stage venture capital valuation and potential responses: Meet the bridge SAFE and extension round
In our current economic environment, you would have to be hiding in a cave not to see, hear and feel valuations sliding downwards across the eco-system. It started in January 2022 when large-cap, mid-cap, and then smaller-cap public companies started to fall in price. Past a certain point, we began to see private equity and venture capital investors applying these lessons to late stage private companies. In the time since February, we have seen the slide come all the way through the business food chain until it reached the startup.
In the global Silicon Valley, venture capital firms are getting much more cautious when it comes to valuation points when deciding to invest in new deals, and startups are facing an interesting dilemma. Do they risk waiting for future funding rounds when they would likely have to sell shares at a reduced price, or do they look for a more creative solution?
Episode 1: The New Age of AI with Mark Dredze
In our inaugural episode of the Innovative Technology Insights podcast, Mark Dredze, Associate Professor of Computer Science at Johns Hopkins University and Bloomberg research scientist, joins Natasha Allen for an in-depth discussion on the new age of Artificial Intelligence: What are the trends in AI today? How will these developments intersect with regulatory frameworks? And what can companies do to embrace AI as it transforms the business landscape?
Legal considerations for high-growth startups
October topics of our livestream series for startup founders.
Be sure to mark your calendar for the upcoming 4thly and Foley & Lardner’s livestream panel discussions featuring panels of experienced founders, investors, and attorneys.
Harassment in the Workplace | October 12, 2022, 11 am PT
Latin American startups and cross-border financings | October 19, 2022, 11 am PT
Events, Deal Announcements, and Quotables
•Venture debt is filling void for life sciences with equity markets under siege•Positioning Your Company for Venture Capital Financing•California Enacts the California Age-Appropriate Design Code Act•Practical and Legal Considerations for Extending Cash Runway in a Changing Economy•Louis Lehot Moderates SPACs Panel at CLA Annual Meeting•IP Law in the Metaverse | October 27•10th Annual BayBrazil Conference; Brazil in the 21st Century | October 20–21•Pitch Global’s CVC, Govt. & Impact Conference I October 20–21
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