Vircon Legal advised Loki on a follow-on seed financing round that closed on 18 December 2017, raising USD 46,089 at a USD 1,024,201 post-money valuation. The round was joined by Nexus Ventures, Istanbul Startup Angels, Hüseyin Karayağız, Namık Kural and Harika Yalaza. Several of these investors had also participated in Loki’s earlier seed round closed in June 2017 — see our note on the prior round.
Bridge and follow-on seed rounds executed in the same calendar year as the original seed sit in a structurally interesting category — they extend runway for the company without resetting the broader investor relationship, but they require careful drafting around dilution effects, anti-dilution treatment, pro-rata mechanics for existing investors, and the cap table reset that comes with new institutional participants joining at a near-stable valuation. Loki’s December 2017 round was structured to integrate institutional venture participation (Nexus Ventures) and angel-network participation (Istanbul Startup Angels) alongside continued individual angel support — a combination that, when documented well, gives the company a credible runway into a properly priced Series A.
Vircon Legal advised on transaction structuring, subscription and shareholder documentation, valuation and anti-dilution mechanics, governance reset and reserved-matter alignment between the new institutional and angel participants, founder commitments, and the post-closing corporate housekeeping required after the change in shareholder composition. The Turkish institutional seed market in late 2017 was beginning to formalize at exactly the moment when angel networks and individual investors had reached enough density to make these mixed-structure rounds workable; Loki’s late-2017 round is a clean example of how a well-prepared founder and a coordinated investor group can execute a follow-on round that strengthens rather than complicates the cap table.
Nexus Ventures brought institutional venture capital discipline to the round, while Istanbul Startup Angels contributed a structured angel-network channel that has consistently anchored early-stage Turkish technology companies. The presence of returning individual angels alongside the new institutional and network participants gave the round meaningful internal continuity.
For more on our early-stage and angel-round practice, see our Startup Law and Sell-Side Representation pages.
