Tilman LangerinPoint Nine LandVenture debt — no longer a no-brainerVenture debt is a boon for fast growing startups. With annual total costs (fees, interest and a potential equity kicker) rarely exceeding…Jan 25Jan 25
Tilman LangerinPoint Nine LandCoping with Down RoundsTimes for VC fundraising are tough. Led by a decline in listed stocks, the private markets have equally been caught by bearish investor…May 23, 2023May 23, 2023
Tilman LangerinPoint Nine LandW&I Insurance — the M&A Carefree Package?Once there is agreement on basic commercial terms, warranties and indemnities often turn into the biggest stumbling block (and nerve…Dec 14, 2022Dec 14, 2022
Tilman LangerinPoint Nine LandSlippery when wet: Secondary salesAt Point Nine, we are always in it for the long run :) When we invest, we are betting that a company can become very large and eventually…Jun 7, 20221Jun 7, 20221
Tilman LangerinPoint Nine LandAnti-dilution: the unloved childThere are few provisions in venture financing agreements that are more complicated than anti-dilution clauses. In contrast the rationale is…Dec 9, 2021Dec 9, 2021
Tilman LangerinPoint Nine LandESOP: The burden with “burden bearing”It’s common in early-stage (seed) funding rounds that a certain percentage of the post-financing capitalisation is reserved for employees…May 10, 20211May 10, 20211
Tilman LangerinPoint Nine LandEmployee Incentive Schemes: The good, the bad and the greyEmployee incentive schemes, often also referred to as employee share option plans (ESOP), can be tricky. Besides the company’s…Nov 25, 2020Nov 25, 2020
Tilman LangerinPoint Nine LandSeed funding terms — it’s the upside, stupid!At Point Nine, when wrapping up the legal side of a seed round, we focus quite keenly on a small number of contractual terms while we’re…May 20, 2020May 20, 2020
Tilman LangerConvertible Loans: What to Look out ForIt probably happens to most founders at least once: His or her company needs money quickly and there is an interested investor, but there…Nov 20, 2019Nov 20, 2019
Tilman LangerinPoint Nine LandConvertible Loans: What to Look out ForIt probably happens to most founders at least once: His or her company needs money quickly and there is an interested investor, but there…Nov 20, 20192Nov 20, 20192