Fieldfisher Corporate team advises on two venture capital investment deals for fast growth software companies
A team from Fieldfisher's Manchester office has advised on a string of multi-million venture capital investments into UK fast growth technology and software services companies. The Fieldfisher team, led by Corporate partner Tom Ward, advised both companies on the funding rounds, and included solicitor Rachel Leigh in Manchester with tax advice provided by London tax partner Andrew Prowse.
The deals highlight the strength of Fieldfishers' venture capital practice, which is known for providing commercial and pragmatic advice to both fast growing companies and investors, predominantly in the technology and software sector.
Helecloud, an IT consultancy and managed services provider specialising in highly sophisticated Cloud strategy, implementation, migration and operation services, received a £2m minority investment from the British Growth Fund plc ("BGF") to accelerate its growth strategy. The funding will support HeleCloud's services portfolio expansion, the establishment of its presence into further European territories, and the development of new Cloud capabilities.
Fieldfisher advised Helecloud on the transaction, in particular on an international group restructuring and the subsequent preferred equity and debt investment from BGF. This restructuring required expert tax advice which was provided by London tax partner Andrew Prowse.
FitXR, a virtual reality fitness games developer has raised a $1.25m seed preferred venture capital round from US venture firms Boost VC, Maveron Capital, TenOneTen and other private investors. The company, which has developed VR boxing app BoxVR plans to use the new investment to expand its operations both in Europe and North America, and accelerate development of several upcoming products and services.
The deal involved the conversion of Advanced Subscriptions Agreements and SAFEs simultaneously with the new money ordinary EIS and seed preferred equity financing, and involved co-ordinating negotiations between multiple jurisdictions.