Vircon Legal advised Appsilon on its Post-Seed financing round. The round closed on 29 November 2017 with USD 1,200,000 raised at a USD 4,800,000 post-money valuation. The round was led by DCP — Diffusion Capital Partners (Fund I). The round followed the two earlier angel seed transactions in March and August 2017 — see our notes on the March 2017 round and the August 2017 round.
Institutional venture fund-led Post-Seed rounds following an angel-only seed cycle sit in a structurally significant category — they introduce the company to institutional governance and reporting expectations for the first time, they typically reset the cap-table architecture to support a credible Series A trajectory, and they bring the kind of follow-on willingness and operational expertise that early-stage operators particularly need as they cross from angel-stage validation into institutional-stage execution. Getting these architectural changes documented well at the institutional anchor closing is what allows the company to enter the next priced round without expensive remediation.
Vircon Legal advised on transaction structuring, subscription and shareholder documentation, valuation and dilution mechanics integrating the prior angel cap table with the new institutional anchor, governance and reserved-matter design reflecting the institutional fund’s involvement, founder commitments and vesting reset, IP assignment frameworks, information-rights calibration to satisfy the institutional fund’s reporting requirements, and the post-closing corporate housekeeping required after the change in shareholder composition.
DCP — Diffusion Capital Partners is one of the more institutionally-disciplined venture funds active in the Turkish ecosystem, with deep technical-product expertise and a follow-on framework that materially supports portfolio companies through subsequent rounds. The DCP-led Post-Seed round provided Appsilon with both runway and the institutional discipline that the company’s subsequent capital-formation activity could build on.
Appsilon later completed a Pre-Seed round with secondary sales backed by Arısan İnce, DCP and Engin Kale — see our note on the Pre-Seed round with secondary sales for the broader funding trajectory that DCP continued to anchor.
For more on our institutional-venture and Post-Seed practice, see our Startup Law and Sell-Side Representation pages.
