SAFEs for Startup Financing: Benefits, Risks, Processes, and Avoiding Pitfalls

Ms. Hallsten represents emerging and established companies in a variety of practice areas, including general corporate, securities, corporate governance, private debt and equity financings, venture capital, mergers and acquisitions, and public offerings. Her client base covers many industries, including technology, health care, insurance, business services, life sciences, retail, publishing, professional services and real estate. Prior to joining the firm, Ms. Hallsten served as a staff attorney in the Division of Corporation Finance of the Securities and Exchange Commission in Washington, D.C.

Mr. Ross provides practical securities law guidance to fund managers and emerging growth companies on capital raising, governance, and compliance. He has more than 20 years of experience advising clients across the U.S., Asia, and Africa. Mr. Ross regularly represents private equity and venture capital fund sponsors on all aspects of the fund lifecycle, from initial structuring to final distribution, with clients ranging from top-tier alternative asset managers to solo general partners of micro-funds and special purpose vehicles (SPVs). His practice includes advising on compliance with the Investment Company Act of 1940 and the Investment Advisers Act of 1940, and he also frequently represents fund investors. In addition to his fund practice, Mr. Ross counsels emerging growth companies on public and private capital formation and secondary transactions. His public company work includes offerings and transactions involving SPACs and de-SPACs. On the private side, his experience spans offerings under Regulation D, Regulation A, and Regulation Crowdfunding, as well as resales under Rule 144, Section 4(a)(1½), and Section 4(a)(7). Recognized for his extensive knowledge of exempt transactions, he has testified in court as an expert on securities law matters. Mr. Ross is the creator and host of the ABA podcast series VC Law and is active in the Business Law Section of the ABA. He has participated in drafting several of the ABA’s comment letters to the SEC regarding various proposed rules or requests for comments. Mr. Ross is on the ABA Business Law Section’s Content Board and is the current ABA Editorial Board Producer for Securities Law.

Mr. Willbrand is an experienced chief legal officer, tech executive, trusted advisor, and deal lawyer. Prior to joining Pacaso, Mr. Willbrand founded, grew, and chaired one of the most prominent startup and venture capital legal practices in the Midwest. He also previously worked in the software industry and held the dual role of CFO and General Counsel at a series of venture-backed companies. Mr. Willbrand is the author of “Seed Deals: How to Grow from Startup to Venture Capital,” and teaches at the University of Michigan, Ohio State University, Syracuse University, and University of Cincinnati Colleges of Law.