Venture Capital

Hughes Hubbard counsels founders, investors, emerging companies and unicorns — privately held startups valued at more than $1 billion — all over the world in fundraising, governance and investment activities. We advise on the formation of companies, equity and cap table structures, negotiations with investors, intellectual property, and other issues.

“Exceptional technical knowledge [. .. and] a creative, practical business-minded perspective.” ─ Client quote, Legal 500

We advise investors and companies in a wide range of geographies and industries (including e-commerce, fintech, green energy, media and entertainment, transportation, technology, information services, life sciences, healthcare, pharmaceuticals and more) on every type of venture capital financing transaction, including alternative financing structures. We counsel on issues companies should consider in “down” round scenarios and in contemplation of liquidity events.

Our team supports clients through all investment phases, from angel to late stage, providing insight into prevailing terms, structures and practices for fund formation.

For more information on this practice please contact:

Javad Husain

Kenneth A. Lefkowitz

Scott Naturman

Gerold Niggemann

Charles A. Samuelson

We have counseled numerous unicorns from their inception as emerging companies to, in some cases, their post-initial public offering (IPO) maturity. Examples of these relationships include representation of:

Southeast Asia’s leading super app Grab Holdings Inc. in the following transactions:
- Its “going public” transaction by way of a merger with special purpose acquisition company (SPAC) Altimeter Growth Corp., the largest SPAC merger ever, ascribing to Grab a pro forma equity value of approximately $40 billion
- $6 billion-plus Series H and $1.5 billion-plus Series G equity financing rounds, including investments by SoftBank, MUFG, Booking Holdings, Hyundai Motor Co., Kia Motors Corp., Microsoft Corp., Toyota Motor Corp. and Didi Chuxing, with one round of investments chosen as “Best Singapore Deal” at the FinanceAsia Achievement Awards
- A $300 million-plus Series A equity financing round of Grab’s financial services business, led by South Korean Hanwha Asset Management Co. Ltd.’s digital banking joint venture
Latin American neobank Ualá in its $300 million Series E preferred equity financing at a post-money valuation of $2.75 billion, its $350 million Series D preferred equity financing and all of its prior financing rounds, raising funds from Allianz X and affiliates of Tencent, Softbank, Goldman Sachs Investment Partners, Soros Fund Management, Monashees, Ribbit Capital, Jefferies, Stone Ridge Holdings Group and Pershing Square Foundation, among others
Leading Korean e-commerce group Coupang in its $4.6 billion IPO, giving Coupang a market value of approximately $60 billion, and in numerous rounds of equity financing, from the seed round to a $1 billion round and a subsequent $2 billion round led by SoftBank
The founder and CEO of Deliveroo in connection with the British food delivery startup’s IPO on the London Stock Exchange and related debt transactions
Brazilian social commerce platform Trela in its $25 million Series A funding round led by SoftBank’s Latin America fund; additional investors included Kaszek, Y Combinator and General Catalyst
Grupo Globo in numerous venture capital investments in Brazilian, Colombian, U.S. and Israeli startups in the transportation, technology, fashion, software, sports and entertainment industries, among others
The venture capital arm of a major publicly traded U.S. pharmaceutical company in numerous venture capital investments in biotech startups
A Fortune 500 energy provider in numerous venture capital investments in startups in the alternative energy, solar energy and air conditioning industries, among others
Venture capital-backed Julep Media, Germany’s largest independent podcast monetization platform, in its exit sale to U.S.-based Liberated Syndication Inc.
Sony Music Entertainment in numerous venture capital investments in media- and entertainment-related startups, including Pandora, the music streaming service, and Ultra Music, an independent dance label

We take an interdisciplinary approach to venture capital matters and offer guidance not only on corporate formation, corporate governance, investment activities, mergers and acquisitions, and venture finance, but also on relevant specialty areas such as employment, employee benefits and executive compensation, intellectual property, litigation, estate planning, data privacy and cybersecurity, real estate, tax, and commercial and technology transactions.

We advise leading industrial and operating companies looking to invest in venture funds in their sectors, providing insights and recommendations on cutting-edge products, potential customers and technologies that may enhance, complement or disrupt the investor’s business sector. We review fund and investment documents, identifying risks and commercial terms that may be improved through negotiation of the principal documents and side letters. We also assist with due diligence, negotiate co-investment rights and, for non-U.S. clients accessing U.S. funds and companies, assist with CFIUS compliance if necessary. We provide similar services to family offices.