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9.23.24
“You Promised What?!” Warranties and Disclosure in the UK and the U.S.
Determining “certainty of asset” is a key element of any investment. When an investor takes a minority position as it does in a typical venture or growth capital investment, the approach to ascertaining certainty differs based on the risk appetite and the alignment of the investor and the portfolio company. This article explores and compares the typical U.S. and UK approaches to warranties and disclosures in venture/growth financing transactions.
Client Highlights
6.18.24
Wilson Sonsini Advises TravelPerk on Acquisition of AmTrav
On June 18, 2024, TravelPerk, the hyper-growth global business travel management platform, announced its acquisition of the industry-leading United States company AmTrav, doubling down on its expansion in the U.S. Wilson Sonsini Goodrich and Rosati advised TravelPerk on the transaction.
Both platforms will capitalize on proprietary tech, AI capabilities, and expanded resources to further expand in the U.S. The acquisition will see TravelPerk double its revenue in the U.S., following 65 percent year-over-year growth in the market in 2023. TravelPerk’s U.S.-based headcount and footprint expands to now include offices in Boston, Chicago, Los Angeles, and Miami. AmTrav will operate under the same brand, and the entire team will continue with the business going forward.
Both platforms will capitalize on proprietary tech, AI capabilities, and expanded resources to further expand in the U.S. The acquisition will see TravelPerk double its revenue in the U.S., following 65 percent year-over-year growth in the market in 2023. TravelPerk’s U.S.-based headcount and footprint expands to now include offices in Boston, Chicago, Los Angeles, and Miami. AmTrav will operate under the same brand, and the entire team will continue with the business going forward.
Client Highlights
1.23.24
Wilson Sonsini Advises TravelPerk on $104 Million Fundraise
On January 23, 2024, TravelPerk, a hyper-growth business travel management platform, announced it has closed an additional $104 million investment led by SoftBank Vision Fund 2 with significant participation from existing investors, including Kinnevik and Felix Capital. Wilson Sonsini Goodrich and Rosati advised TravelPerk on the transaction.
Client Highlights
1.11.24
Wilson Sonsini Advises Hyperexponential on $73 Million Series B Round
On January 11, 2024, London-based Hyperexponential, which offers pricing software for insurers, announced the close of a $73 million Series B funding round led by Battery Ventures, with participation from Andreessen Horowitz (a16z) and existing Series A investor Highland Europe, which increased its holding. Wilson Sonsini Goodrich & Rosati represented Hyperexponential in the transaction.
Client Highlights
12.06.23
Wilson Sonsini Advises Pragmatic on $231 Million Series D Financing
On December 6, 2023, Pragmatic Semiconductor, the world leader in manufacturing flexible integrated circuits, announced that it completed a first close of its Series D funding round, securing an investment of $206 million. The company is planning a limited second close for key investors, of which $25 million additional investment is already allocated.
Client Highlights
10.19.22
Wilson Sonsini Advises Stability AI on $101 Million Funding for Open-Source Artificial Intelligence
On October 17, 2022, Stability AI, one of the world's first community-driven, open-source artificial intelligence (AI) company announced $101 million in funding. The oversubscribed round was led by Coatue, Lightspeed Venture Partners, and O'Shaughnessy Ventures LLC. Wilson Sonsini Goodrich & Rosati advised Stability AI on the transaction.
Client Highlights
6.08.22
Wilson Sonsini Advises Multiverse on $220 Million Series D Funding
On June 8, 2022, Multiverse, a UK start-up that works with organizations to develop apprenticeships and helps source promising, diverse candidates to fill those roles, announced it has raised $220 million in its Series D funding round. The financing was co-led by StepStone Group, and returning investors Lightspeed Venture Partners and General Catalyst. The round brings Multiverse's total funding to date to over $400 million. Wilson Sonsini Goodrich & Rosati advised Multiverse on the transaction.
Client Highlights
4.20.22
Wilson Sonsini Advises SEON on $94 Million Series B Funding Round
On April 19, 2022, SEON, a London-based Anglo-Hungarian start-up that powers online fraud prevention, raised $94 million in Series B funding. The round was led by Silicon Valley-based IVP, and included existing investors Creandum and PortfoLion. Angel investors including founders and senior executives from product-led tech companies Aiven, Coinbase, DataDog, DoorDash, Figma, G2, GitHub, Public, Slack, Supercell, UiPath, Veriff, and Wise also participated in the round. Wilson Sonsini Goodrich & Rosati advised SEON on the transaction in collaboration with Taylor Wessing.
Client Highlights
9.28.21
Wilson Sonsini Advises Multiverse on $130 Million Series C Funding
On September 28, 2021, Multiverse, a UK start-up that works with organizations to develop apprenticeships and helps source promising, diverse candidates to fill those roles, announced a $130 million Series C funding led by D1 Capital Partners and BOND.
The proceeds from the new funding will enable Multiverse to continue to drive growth and adoption across the U.S. and UK, ensuring that it is reaching talented individuals from a range of backgrounds while working with the top companies and delivering outstanding education. The company has grown nearly four times its size in one year and now has a community of over 5,000 apprentices and alumni. Earlier in September, Multiverse opened its U.S. headquarters in New York, six months after launching in the United States.
The London-based Wilson Sonsini team that advised Multiverse on the financing included Michael Labriola, Dan Glazer, Diviya Padman, Alex Moffitt, and Kailey Paglia and was supported by Taylor Wessing LLP.
For more information, please see Multiverse’s announcement.
The proceeds from the new funding will enable Multiverse to continue to drive growth and adoption across the U.S. and UK, ensuring that it is reaching talented individuals from a range of backgrounds while working with the top companies and delivering outstanding education. The company has grown nearly four times its size in one year and now has a community of over 5,000 apprentices and alumni. Earlier in September, Multiverse opened its U.S. headquarters in New York, six months after launching in the United States.
The London-based Wilson Sonsini team that advised Multiverse on the financing included Michael Labriola, Dan Glazer, Diviya Padman, Alex Moffitt, and Kailey Paglia and was supported by Taylor Wessing LLP.
For more information, please see Multiverse’s announcement.
Client Highlights
1.19.21
Wilson Sonsini Advises Multiverse on $44 Million Series B Fundraise
On January 19, 2021, Multiverse (formerly known as WhiteHat), a UK start-up that works with organizations to develop apprenticeships and helps source promising, diverse candidates to fill those roles, announced a $44 million Series B funding round. The funding will be used to spearhead a move into the U.S. market after picking up over 300 clients in the UK and thousands of apprentices. Wilson Sonsini Goodrich & Rosati advised Multiverse on the fundraise, in collaboration with Taylor Wessing.
The round was led by General Catalyst, with GV (formerly known as Google Ventures), Audacious Ventures, Latitude, and SemperVirens also participating. In addition, Index Ventures and Lightspeed Venture Partners, who first invested in the company in its $16 million Series A in 2020, participated in the round.
The Wilson Sonsini team advising Multiverse includes Michael Labriola, Daniel Glazer, Amanda Pollard, and Alex Moffitt.
The round was led by General Catalyst, with GV (formerly known as Google Ventures), Audacious Ventures, Latitude, and SemperVirens also participating. In addition, Index Ventures and Lightspeed Venture Partners, who first invested in the company in its $16 million Series A in 2020, participated in the round.
The Wilson Sonsini team advising Multiverse includes Michael Labriola, Daniel Glazer, Amanda Pollard, and Alex Moffitt.
Client Highlights
5.07.20
Corcentric Receives $80 Million Strategic Investment
On May 6, 2020, Corcentric, a provider of cloud-based financial process automation solutions, announced a significant minority growth equity investment from New York-based private equity firm, Bregal Sagemount. Wilson Sonsini Goodrich & Rosati represented Corcentric in the transaction.