Bristol-based lawyers at international legal practice Osborne Clarke have advised Brent Capital LLP, the new venture firm set up by lastminute.com co-founder Brent Hoberman, on the £50m fundraising of its first start-up fund, firstminute capital.
Based in London, firstminute capital will use the funding to back early-stage European technology entrepreneurs. Backers of the fund consist of several high-profile individual and institutional investors including international investment firm Atomico, which was founded by Skype co-creator Niklas Zennström. The fund will be run by Brent Hoberman and former Goldman Sachs analyst Spencer Crawley.
Brent Hoberman, who founded lastminute.com with Martha Lane Fox in 1998, is a longstanding and valued client of Osborne Clarke. The firm advised Brent Capital throughout the fundraising process, including on the structure of the fund, marketing, legal documents, investor negotiations and regulatory and tax issues. The firm has also been involved in the ventures PROfounders Capital and Founders Factory with Mr. Hoberman.
The Osborne Clarke team that advised on the transaction was led by Bristol-based partner Helen Parsonage, assisted by associate Rachael Clayden, who is also based at the firm’s offices in Temple Quay.
With practitioners based out of the firm’s Reading, London and Bristol offices, as well as a presence in Silicon Valley in the US, Osborne Clarke has a strong presence in the venture capital industry. In the last 18 months the practice has helped launch numerous start-up funds including PROfounders Capital II, Notion Capital III, IFM Fintech Opportunities and the Foresight Williams Technology EIS Fund.