Tech sector continues to attract private capital
Stephenson Harwood has recently advised on four complex transactions, all indicative of the continued positive environment for fundraisings and investments in the technology sector, especially in areas such as SpaceTech, software, AI and robotics.
“Companies operating in the technology sector, and the providers of capital to those companies, require advice from lawyers who are experts in more than just law and really understand their businesses and the markets they operate in,” said Alex Haynes, Stephenson Harwood’s head of Private Capital & Funds. “We are able to effectively develop and close transactions for clients by drawing on our expertise in two of the firm’s principal areas of focus: private capital and funds and technology.”
Stephenson Harwood advised Seraphim Space Investment Trust plc on its £137 million fundraising through an issue of C shares with innovative characteristics. Seraphim Space Investment Trust invests in private, growth-stage SpaceTech companies. This transaction represents one of the largest capital raises for an investment trust in recent years and was conducted under the new regime allowing investment companies to issue up to 100% of their existing share capital without a prospectus.
On the investment side, Stephenson Harwood recently advised Nanoleaf Limited, its founders, and existing shareholders, on the proposed investment in Nanoleaf by China-based OneRobotics. The transaction comprises multiple tranches, involving disposal of shares, subscription of new shares and staged closings. Nanoleaf is a global consumer technology company focused on smart connected products, including lighting, for the home. OneRobotics is a global AI home robotics company.
The firm also recently advised Pelican Capital LLP on its investment in Steplab, a teacher professional development platform, enabling Steplab to accelerate its mission to give every teacher access to professional development. Pelican Capital is a UK private equity firm focused on high-growth technology and tech-enabled services businesses. Used by more than 200,000 teachers, Steplab is a complete professional development platform for schools.
We also recently worked alongside Sheppard Mullin in advising York Space Systems on the UK aspects of its agreement to acquire ALL.SPACE, a leading provider of advanced satellite communications terminals and multi-network connectivity solutions. The acquisition will see ALL.SPACE operate as a wholly owned subsidiary of York, supporting York’s solutions for national security and commercial customers.
