Vircon Legal advised Keiretsu Forum on its seed investment in Taglette. The round closed on 18 May 2017 with USD 394,000 invested at a USD 2,025,000 post-money valuation.
Keiretsu Forum is one of the world’s largest single-source structured angel investor networks, with a deployment thesis that spans multiple geographies and a documentation discipline that travels well across cross-border early-stage transactions. Cross-border angel-network investments at this stage carry structural considerations that distinguish them from purely domestic seed rounds: the documentation has to function consistently across the network’s internal investment process expectations and the local corporate-law framework where the operating company is headquartered, and the governance architecture has to accommodate the institutional discipline of a global network operating through local participating angels.
Vircon Legal advised Keiretsu Forum on transaction structuring, subscription documentation, valuation and dilution mechanics, investor-rights and governance design reflecting the Keiretsu network’s deployment process, post-closing reporting expectations consistent with the network’s internal standards, and the documentation architecture required for an international angel-network seed round to function consistently within the Turkish legal framework while preserving the operational discipline that Keiretsu participants typically expect.
This transaction is one of the earlier cross-border angel-network seed rounds Vircon Legal advised on, and it sits alongside our wider track record advising international angel networks, institutional venture funds and individual cross-border investors on Turkish technology deployments. Keiretsu Forum subsequently led the Newlyme pre-seed round in March 2021: see our note on the Newlyme round for the continuing relationship.
For more on our institutional-investor and angel-network practice, see our Investment Management and M&A and Investments pages.
The Vircon Legal team on this matter was led by Managing Partner Erdem Mümtaz Hacıpaşaoğlu.
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