Venture Capital.

This is where the economic and legal framework of the round is set. We review and negotiate governance, investor protections, liquidation preference, vesting and anti-dilution protection with a view to market practice and scope for negotiation.

Investment agreement, shareholders’ agreement and amendments to the articles of association. We translate the term sheet, liquidation preference, anti-dilution protection, investor rights and founder arrangements into robust transaction documentation.

Fast and flexible, but rarely trivial. We structure valuation cap, discount, conversion mechanics and maturity so that the instrument also works in the next financing round.

VSOP, ESOP or hurdle shares: the right structure depends on the legal form, stage and intended incentives. We prepare employee equity programmes that create incentives and work under German corporate law.

Seed rounds, syndications and co-investments. Even if the process is often less formal than an institutional round, it needs clear documentation, clean economics and a structure that can support the next round.

Who holds what after which round? We prepare cap tables, model dilution scenarios and show how ESOP top-ups, convertible loans and new investors affect the shareholdings.

Series A to C, down rounds and bridge financings. Every round builds on the last; we structure the documentation and investor dynamics so that the company remains financeable.

Drag-along, tag-along, pre-emption rights and liquidation preferences shape the later exit. These rules should be negotiated clearly early on, not only once a buyer is at the table.

Before investors come in, the rules between the founders should be clear: roles, vesting, IP allocation, decision-making rights and exit scenarios.

Once the round has been negotiated, it still needs to be legally implemented: capital increase, amendments to the articles, notarial steps, commercial register and closing deliverables. We coordinate the process through to registration.