Fund-raising

Overview

Raising capital is a pivotal stage in the development of any technology-driven business. Over the past two decades, the funding landscape has evolved significantly, with startups increasingly engaging sophisticated investors across multiple stages of growth.

Early-stage companies typically access capital through structured investment rounds, either by proactively approaching venture capital firms, angel investors, and strategic partners, or by being approached by them. The nature of these transactions varies depending on a range of factors, including the maturity of the business, the experience of the founders, the relevant industry sector, the underlying technology, the size of the investment, and the company’s valuation.

While certain transactions follow established venture capital models, many involve alternative or hybrid funding sources, including friends and family, business angels, or corporate venture capital. Each funding round is distinct and forms part of a broader, iterative process through which companies scale, refine their structures, and prepare for subsequent investment.

Successfully navigating this process requires a combination of commercial awareness, strategic foresight, and precise legal execution.

Our Services

1. Pre-investment preparation and structuring
   Advising on corporate structures, governance frameworks, and legal readiness to align with investor expectations
   
2. Term sheets and preliminary agreements
   Assisting with the preparation, review, and negotiation of term sheets, letters of intent and confidentiality agreements
   
3. Investment documentation
   Drafting and negotiating subscription and investment agreements, shareholders’ agreements, and all related transaction documents
   
4. Corporate governance and constitutional amendments
   Implementing changes to articles of association and internal governance arrangements to reflect investor rights and obligations
   
5. Cross-border structuring and reorganisation
   Advising on and implementing restructurings, including the establishment of holding entities in jurisdictions such as the United Kingdom or Delaware
   
6. Ongoing legal and strategic support
   Supporting clients through subsequent funding rounds, investor relations, and broader corporate matters

The Bulgarian Market

The Bulgarian startup ecosystem has matured considerably over the past decade. Founders are increasingly experienced, internationally focused, and well-positioned to engage with global investors. At the same time, investors are applying more rigorous requirements in relation to corporate governance, legal structuring, and regulatory compliance.

In this environment, high-quality legal advice is essential, not only to facilitate the successful completion of funding rounds, but also to ensure that businesses are structured for long-term growth and investment readiness.

Why Choose Us

1. Extensive transactional experience
   We have significant experience advising on venture capital and early-stage investments across a range of sectors
   
2. Commercially focused approach
   Our advice is grounded in the commercial realities of fundraising, ensuring pragmatic and effective solutions
   
3. International perspective
   We regularly advise on cross-border structures and transactions, enabling clients to access global capital markets
   
4. End-to-end support
   From initial structuring to closing and beyond, we provide continuous, responsive legal support throughout the funding process
   
5. Understanding of the local ecosystem
   We are closely familiar with the Bulgarian startup landscape and the expectations of both local and international investors