“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 capital practice represent leading venture capital funds and their portfolio companies. 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 for our venture capital fund clients. Over the past four years we have handled more than 50 venture/growth equity investments.
Our venture capital lawyers use an integrated approach and draw upon the skills of other attorneys in the Firm with experience in securities, intellectual property, tax, real estate, international trade, ERISA, employment and environmental law to provide seamless service.
- equity financings (seed, early stage to mature)
- convertible debt and bridge financings
- portfolio company acquisitions and divestitures
- fund formation, management, and operation
- Employee Retirement Income Security Act (“ERISA”) and tax issues
- leveraged recapitalizations
- strategic alliances
- joint ventures
- shareholder arrangements
- corporate governance strategies
- preparation of offering circulars
- regulatory compliance under federal and state securities laws
In addition to our legal services, Blank Rome’s Venture Group also offers a wide array of services, including advice on business plans and strategy, coaching on investor presentations, and targeted introductions to potential investors and other funding sources and strategic partners.
Blank Rome’s Involvement in the Venture Community
Being an entrepreneurial firm, Blank Rome has long been a part of the venture community. We don’t just represent the emerging growth sector—we invest in it as well. We founded and sponsored both the HIMSS Health IT Venture Fair, which held its sixth annual event in February 2012, and the Mid-Atlantic Cleantech Investment Forum, which held its fourth annual event in April 2012. In 2010 we hosted the Angel Capital Association Leadership Conference. The Firm served as the host sponsor of the 2009 Mid-Atlantic Capital (“MAC”) Conference and we continue to be a sponsor of the Greater Philadelphia Alliance for Capital and Technologies (“PACT”). Blank Rome has also been an integral part of the Private Investors Forum’s Angel Venture Fair, Keiretsu Forum Mid-Atlantic, Early Stage East, the Greater Philadelphia Venture Group, Investors’ Circle, Funding Post, Good Company Ventures, and the Venture Scene Mid-Atlantic Conference.
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.