Chicago-based Fin Tech Company Closes $800,000 Seed Round with modCounsel
In an all too familiar scene, a founder team has attracted the attention of investors and anticipates an inbound term sheet from a VC over the weekend. They turn to modCounsel as a trusted, on-call legal function to hurdle their positioning and strategic deal points with a mature investor. Among these priorities were:
• Protect the employee equity pool;
• Align cap on future valuation with projected burn; and
• Clarify future VC participation rights.
In just two weeks, modCounsel helped deliver a winning combination to close the seed round with a new lead VC partner and other private investors from term sheet to funding. The modCounsel solution? Go beyond the negotiation points to what matters most for the founder team, which in this case was preserving future value.
Legal professionals want to solve problems. We enter this discipline with fascination and as stewards for those we represent. Our clients seek expertise delivered with high quality as they grapple with operational risks. Effective business counsel fine-tune risk management to each client’s needs. We earn trust with our unwavering attention and apply the facts and the law with a gripping prowess. We are their secret weapon.
Discover more of our unique values-first approach to law practice here.
modCounsel is Seeking a Giving Partner for Early Childhood Literacy in the Philippines
For any referrals and recommendations in support of this project, kindly reach out to any one of our teammates on LinkedIn.
Termination Provisions are Really About Negotiating for Trust
Termination provisions are the top 5 most negotiated and top 10 disputed, contract terms in tech. With new companies entering markets at an unprecedented pace and a long-term startup survival rate of 10%, is this really a surprise? Each side of a negotiation wants to invest in the project if they know the other camp is committed.
Find more resources about the termination provision on our resources page here. Our open source legal library is also open at The Legal Collective.
Succeeding in a new role: Day 91 to 120 of the Adjustment Period
If you’re starting on a new leadership role, the success you create is critical in building your personal brand. We discussed in the first post that listening is a key aspect in delivering impressionable wins in the first 90 days. Now, it is time to signal a pivot in your priorities, drawing a clear line to company results.
Read the entire Day 91 to 120 guide to earning trust and setting direction for General Counsel.
See also the Day 1 to 90 guide to building your brand in a new role as a General Counsel.