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Venture Capital

Carl A. Cohen

Carl A. Cohen

Buchanan Ingersoll

Pittsburgh, PA

412 / 562-8854

[email protected]

Question What are the key issues in a staged venture capital deal?

Question In this type of deal, investors fund in stages. At each stage the investor's obligation to fund is conditional (in effect, giving them a second look before proceeding). Key issues include how conditions are defined and the company's ability to raise funds from alternative sources without the existing investor's approval. Keep the playing field level, so that the company will not be in the position of having to accept funding from existing investors based on what could be renegotiated terms, including at a lower valuation.

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