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9.15.23
SEC Adopts Significant Rule Changes for Private Fund Advisers
On August 23, 2023, the U.S. Securities and Exchange Commission (SEC) adopted or amended rules under the Investment Advisers Act of 1940 (Advisers Act) that impose significant new obligations on advisers to private funds.1 This alert outlines the new obligations for advisers to venture capital and private equity funds, including funds of funds.2
Newsletters
9.13.23
2023 Mid-Year Technology and Life Sciences PIPE and RDO Report
We present analysis related to 87 private investments in public equity (PIPEs) and registered direct offerings (RDOs) by U.S.-based technology and life sciences companies between January 1 and June 30, 2023. The report is limited to transactions in which the company raised at least $10 million and had at least one closing in the first half of 2023.
Newsletters
5.11.22
The Entrepreneurs Report - Q1 2022
In this latest issue of The Entrepreneurs Report, we've compiled a range of data on venture financing transactions in which the firm was involved during the first quarter of 2022, with the objective of identifying relevant trends in activity and valuation levels for the U.S. venture capital industry in general. In addition, this edition includes an article on the firm being named to Fast Company’s “World’s Most Innovative Companies in North America” list and data from Beauhurst—a searchable database of the UK's high-growth companies—on UK equity investment in Q1 2022.
Newsletters
11.18.21
The Entrepreneurs Report - Q3 2021
In this latest issue of The Entrepreneurs Report, we’ve compiled a range of data on venture financing transactions in which the firm was involved during Q3 2021, with the objective of identifying relevant trends in activity and valuation levels for the U.S. venture capital industry in general. This edition also highlights the firm’s partnership with Morgan Stanley at Work to integrate Shareworks into Neuron; our recent announcement about a new Salt Lake City office; and data from Beauhurst—a searchable database of the UK's high-growth companies—on UK equity investment in Q3 2021.
Client Highlights
9.10.21
Firm Advises Earthshot Ventures on Launch of $60 Million Fund
On September 8, 2021, Earthshot Ventures, a new venture capital fund launched to support entrepreneurs tackling climate change, announced its first close of $60 million. The fund is designed to bring together new and existing networks in the climate technology space to more rapidly scale critical solutions. Wilson Sonsini Goodrich & Rosati advised Earthshot Ventures on the transaction.
Earthshot is a spinout of Elemental Excelerator, a global climate tech organization that pioneered the use of the accelerator model for climate technologies. Since 2012, Elemental has evaluated more than 5,000 companies, invested alongside 2,000 co-investors, and built an inclusive community to advance climate investing. Three of Elemental's team members will lead the fund: Dawn Lippert, Elemental founder and CEO; Mike Jackson, who has served as Elemental's investor-in-residence since 2017; and Ramsay Siegal, former head of Elemental's portfolio. In addition to representing Earthshot, Wilson Sonsini advised Elemental on a pro bono basis in connection with the transaction.
Earthshot, which invests in both hardware and software companies from Seed through Series B, is backed by Limited Partners including Emerson Collective, John Doerr (Chairman, Kleiner Perkins), Tom Steyer (Founder, NextGen America), McKinley Alaska, Microsoft, Employees' Retirement System of Hawaii, Stafford Capital Partners, Chris Cox (Chief Product Officer, Facebook), David Crane (Co-Founder & CEO, Climate Real Impact Solutions), and Impact Engine. These partners share a commitment to investing in bold climate solutions and working together to help companies succeed.
The Wilson Sonsini team advising Earthshot and Elemental in the transaction includes Bob O’Connor and Jim Jensen.
For more information, please see Earthshot’s press release.
Earthshot is a spinout of Elemental Excelerator, a global climate tech organization that pioneered the use of the accelerator model for climate technologies. Since 2012, Elemental has evaluated more than 5,000 companies, invested alongside 2,000 co-investors, and built an inclusive community to advance climate investing. Three of Elemental's team members will lead the fund: Dawn Lippert, Elemental founder and CEO; Mike Jackson, who has served as Elemental's investor-in-residence since 2017; and Ramsay Siegal, former head of Elemental's portfolio. In addition to representing Earthshot, Wilson Sonsini advised Elemental on a pro bono basis in connection with the transaction.
Earthshot, which invests in both hardware and software companies from Seed through Series B, is backed by Limited Partners including Emerson Collective, John Doerr (Chairman, Kleiner Perkins), Tom Steyer (Founder, NextGen America), McKinley Alaska, Microsoft, Employees' Retirement System of Hawaii, Stafford Capital Partners, Chris Cox (Chief Product Officer, Facebook), David Crane (Co-Founder & CEO, Climate Real Impact Solutions), and Impact Engine. These partners share a commitment to investing in bold climate solutions and working together to help companies succeed.
The Wilson Sonsini team advising Earthshot and Elemental in the transaction includes Bob O’Connor and Jim Jensen.
For more information, please see Earthshot’s press release.
Newsletters
8.18.21
The Entrepreneurs Report – 1H 2021
We are pleased to present the 1H 2021 edition of The Entrepreneurs Report, which features a range of data on venture financing transactions in which the firm was involved during the first half of 2021. This latest issue also includes a feature on the recent launch of Neuron and data from Beauhurst on UK equity investment in Q2 2021.
Client Highlights
7.14.21
Wilson Sonsini Advises Revival Healthcare Capital on $500 Million Fund for Strategic Growth Investments
On May 18, 2021, Private equity firm Revival Healthcare Capital (Revival) announced the closing of "RVLHC II" with total capital commitments of $500 million. The fund will pursue strategic growth opportunities in which Revival will invest into a high potential target company where a corporate strategic partner will have a structural option or right to acquire the company in the future. This strategy leverages Revival’s capacity as operators and investors to build collaborative partnerships that increase corporate partners’ probability of return on future growth investments and provide accelerated paths for target companies to advance innovative medical device technologies into global markets.
Newsletters
5.20.21
The Entrepreneurs Report – Q1 2021
We are pleased to present the Q1 2021 edition of The Entrepreneurs Report, which features a range of data on venture financing transactions in which the firm was involved during the first quarter of 2021. This latest issue also includes a feature on the recent launch of our Emerging Companies Practice site and data from Beauhurst on UK equity investment in Q1 2021.
Newsletters
2.18.21
The Entrepreneurs Report – Full-Year 2020
The firm is pleased to present the full-year 2020 edition of The Entrepreneurs Report. In this issue, we've compiled a range of data on venture financing transactions in which the firm was involved during 2020, with the objective of identifying relevant trends in activity and valuation levels for the U.S. venture capital industry in general. In addition, the issue includes data from Beauhurst—a searchable database of the UK’s high-growth companies—on UK equity investment in Q4 2020.
Alerts
4.27.20
Navigating Down-Round Financings
Although we all hope for a quick return to stability, the current environment raises the possibility of an increase in down-round financings—private company financings in which the company has a reduced valuation from its prior financing round. In recent weeks, we have observed pressure on valuations and the emergence of more onerous, less company-friendly terms in several, though certainly not all, financing rounds. Down rounds raise a number of delicate and important issues for companies and investors, including impacts on employees and investors; fiduciary duty considerations for the company's board (and others), along with a heightened risk of stockholder litigation; and oftentimes complex structuring considerations. In this alert, we provide an overview of such issues—to serve as a refresher for those who have been through down rounds in the past and as a primer for those who have not—as well as practical steps and suggestions in navigating a down round.1 Recognizing these issues in advance can help a company and investors significantly mitigate the risk that can inhere in a down round.
Newsletters
2.28.20
The Entrepreneurs Report – Full-Year 2019
In this issue of The Entrepreneurs Report, we've compiled a range of data on venture financing transactions in which Wilson Sonsini was involved during 2019, with the objective of identifying relevant trends in activity and valuation levels for the U.S. venture capital industry in general.
This issue also includes “A Founder’s Guide to Y Combinator’s Post-Money Safes.”
Press Releases
6.03.19
Wilson Sonsini Adds Brian McDaniel to its Corporate Practice as a Partner
PALO ALTO, CA (June 3, 2019) – Wilson Sonsini Goodrich & Rosati, the premier provider of legal services to technology, life sciences, and growth enterprises worldwide, announced today that Brian M. McDaniel has rejoined the firm's fund services and emerging companies practices as a partner in the Palo Alto office.