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Course Details

Course Information
  • smart_display Format

    Live Online with Live Q&A

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Banking and Finance

Date & Time
  • event Date

    Tuesday, June 24, 2025

  • schedule Time

    1:00 PM E.T.

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

$347.00
CLE
ALL

This CLE course will provide commercial finance and private equity counsel with a review of corporate venture capital (CVC) investments in startups. The panel will discuss the differing objectives of corporate vs. pure venture capital investors and how those objectives are reflected in deal points like management control, sharing of information and technology, and exit strategies.

Faculty

Arina Shulga
Partner
Fox Rothschild LLP

As a startup lawyer, Ms. Shulga advises companies from formation through exit, typically acting as their outside general counsel. She identifies and resolves a range of legal issues for startups and founders, forging long-term relationships that span the full corporate lifecycle. Ms. Shulga assists clients with entity formation; financing transactions; guidance on U.S. operations, including employment law and IP-related matters; complex joint ventures and technology agreements; and investment and exit opportunities. She has particular experience representing fintech startups, including companies that operate in the blockchain space, such as NFT platforms, DAOs and gaming companies. Ms. Shulga advises crypto clients on regulatory matters, issuance of digital tokens, NFTs and platform creation. As a fund formation attorney, she also advises emerging fund managers on setup and formation of their VC or RE funds, as well as the structuring of their GP and management company entities. Ms. Shulga is also well-versed in the setup of special-purpose investment vehicles and Delaware series LLCs. On the M&A front, she advises mature startups ready for an exit and private equity firms looking to acquire companies throughout the U.S.

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Daniel R. Kahan
Partner
King & Spalding LLP

Mr. Kahan's corporate transactional practice focuses on venture capital and private equity investments, mergers and acquisitions, divestitures and spin-offs, public securities offerings, and corporate governance. He also regularly advises clients in strategic technology transactions, including professional service agreements, software-as-a-service agreements, sourcing agreements, transition service agreements, distribution agreements, reseller agreements, and intellectual property licensing.

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Description

CVC has seen unprecedented growth in recent years, with strategic venture investors looking at early-stage companies more than ever before. Direct investment (as opposed to a joint venture or cooperation agreement) gives the corporate investor greater involvement and offers the most significant financial upside. CVC provides a valuable source of financing for technology-focused startups while providing the investor with a new avenue for innovation in its own business.

The fundamental rights and duties of the investor are usually summarized in a term sheet or letter of intent. CVC financings generally use versions of the commonly used NVCA model documents. However, the specific needs and concerns of a CVC typically will be addressed in one of the investment documents or by side letters. This panel will highlight CVC-unique provisions.

Listen as our authoritative panel examines the aspects of CVC that distinguish it from traditional venture capital investment and issues that investors and startups should consider before entering into a CVC transaction.

Outline

  1. CVC vs. pure venture capital
  2. Motivations of CVC: innovation, new technology for existing enterprise
  3. Motivation for a startup: CVC may offer longer-term financing, expertise
  4. Issues for CVC investor and startup
    1. Management control
    2. Sharing and ownership of information, intellectual property
    3. Employees: non-poaching concerns
    4. Exit strategy
  5. Process and documentation
    1. Term sheet/letter of intent
    2. Investment agreement
    3. Shareholder agreement

Benefits

The panel will review these and other crucial issues:

  • How do the objectives of the CVC investor differ from those of the pure venture capital investor?
  • What are some management concerns of the startup founders in looking at potential CVC investment?
  • How should the parties address the treatment of information and intellectual property after exiting the CVC investment?
  • What are the key documents in a CVC transaction?