On 27 March 2021, at the “Entrepreneurship and Start-up Law” event organised by İstanbul Kültür University’s Law Society, Vircon Legal co-founder Erdem Mümtaz Hacıpaşaoğlu spoke with students on entrepreneurship and start-up law.
How a funding round actually unfolds
For a law student, the clearest way into this field is to follow one round from beginning to end. It rarely starts with a share purchase: early money usually arrives as a SAFE or a convertible loan, instruments that deliberately postpone the valuation question. The priced round comes later, and opens with a term sheet that is mostly non-binding yet sets almost everything that follows.
Then comes diligence, where the lawyer’s work is largely reconciliation: does the cap table match the resolutions, are the IP assignments signed, do the customer contracts say what management says they say. Anything that does not fit is written into the disclosure schedule, and at closing a bring-down certificate confirms the picture still holds. See the term sheet negotiation checklist, the VC due diligence checklist and the SAFE financing guide.
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End-to-end M&A: due diligence, structuring, documentation, negotiation.
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