Avery Law

Avery Law advises Turneo on its €2m seed round led by Bessemer Venture Partners, with participation from Underline Ventures. The investment will accelerate Turneo’s mission to revolutionise hospitality by enabling world’s leading hotels to offer incredible in-destination activities to their guests. In addition to growing the team, the funding will enable expansion into new markets and significant product enhancements. About Turneo Turneo is a travel tech start-up focused on experiential hospitality. Founded in 2022, Turneo enables hotels to manage their entire activities offering in one place. It allows hotel guests to browse and book in-destination activities and transfers on the hotel website or app. At the same time, it provides hotels with a single platform where the entire offering of in-house and partner activities is managed. This includes creating and publishing new activities, partnering with local providers, as well as reviewing activities data, insights and reviews from their guests. Congratulations to the Turneo team and in particular Matija Marijan and Fran Kauzlarić. Also congratulations to everyone involved at Bessemer Venture Partners including Alex Ferrara and Aditya Nidmarti. Avery Law team: David Turney / Jessica Coventry / Felicity Bull / Lisa Brunt If you are a startup or scaleup looking to conduct your next fundraising round and want an award winning legal team by your side, reach out to us or contact David Turney or Jessica Coventry. #seedround #fundraising #venturecapital #vc

We are delighted to have joined the Gathr® - Formerly London Tech & PE Drinks community recommended B2B services and software platform called Gathr to Find. Using its c.10,000 person community of leading investors, founders, operators and advisors, Gathr to Find has curated 130+ leading firms across all verticals a high growth company or investor would need to scale! Check out our profile and reviews on www.gathrtofind.com. Congrats to Mark Shepherd, Sophie Wilson and Harry Davies for pulling this together and on the launch! #legalservices #professionalservices #founders #investors

Avery Law advises PuriFire Energy on its £2.7m ($3.5m) seed round led by HICO Investment Group, with participation from R&R Investments, Bulnes Capital and Desai Ventures. The investment will enable PuriFire to advance its transformative technology for sustainable fuel production. PuriFire's innovative approach streamlines the production of green hydrogen and biogenic carbon dioxide, generated in situ from wastewater and wet carbon feedstocks for the conversion of green methanol and other sustainable fuels. About PuriFire PuriFire aims to accelerate the transition to a low-carbon economy by providing sustainable green hydrogen and methanol solutions. PuriFire is committed to scaling its portfolio of unique technologies while minimising environmental impact, driving positive change, and creating value for its stakeholders. By leveraging the team's scientific and engineering expertise, PuriFire is dedicated to reducing greenhouse gas emissions and promoting a greener future for present and future generations. About HICO The HICO Investment Group was founded in 2021 by Tim Hartnoll to build on his experience and expertise building businesses in the maritime, transportation, and logistics sectors. PuriFire joins HICO's other investments in the energy transition, such as Core Power, Ki Hydrogen, Tidal Transit, and Britoil. HICO leverages close partnerships around the world to find new opportunities and expand its existing businesses and technology. Congratulations to the PuriFire team and in particular Neel Shah and Matt Pearce. Also congratulations to everyone involved at HICO including Chris Hartnoll and William Golding. Avery Law team: David Turney / Jessica Coventry / Felicity Bull / Lisa Brunt If you are a startup or scaleup looking to conduct your next fundraising round and want an award winning legal team by your side, reach out to us or contact David Turney or Jessica Coventry. #seedround #fundraising #venturecapital #sustainableenergy

We are pleased to let our clients know that that the UK government has officially extended the Enterprise Investment Scheme (EIS) sunset clause until April 2035. This decision, effective from 3 September 2024, secures the continuation of the vital tax reliefs that empower startups and drive economic growth. This extension is a testament to the hard work of the EISA Tax and Technical Committee, the EISA Board, and all EISA members who have tirelessly advocated for this outcome. Their collective efforts, in collaboration with key stakeholders, have ensured that the EIS remains a critical tool for fostering innovation and attracting private investment. Since its inception, the EIS has facilitated over £32 billion in private investment across more than 56,000 companies, underscoring its importance to the UK’s entrepreneurial ecosystem. This extension provides much-needed stability for both investors and startups, allowing them to plan for the future with greater certainty. #VentureCapital #Startups #EIS #TaxReliefs

Avery Law advises the Baobab Network on its investment into Rafiki.works (Baobab '24). Baobab is Africa’s leading accelerator providing founders with the early-stage capital and hands-on support they need to unlock growth and build world-class startups. Baobab provides founders with $100k in funding and support them to unlock growth and further investment. It's portfolio consists of a carefully selected group of exceptional African entrepreneurs. Rafiki is a platform for fractional talent across Africa helping founders, startups and SMBs in the UK, Europe, and the US, find the right, skill-specific independents or small agencies for both fixed-term and ongoing support and empowering freelancers, consultants, and agency owners across Africa to progress their careers through access to international opportunities and the tools they need to extend their own service offerings. Nicholas Boswell / Greg Cooke / Tom Fairburn / Toby Hanington #seedround #fundraising #venturecapital

Key Insights for Founders and Investors from the Clarke v Lakha Case The recent Re Bramber Road Management Ltd, Clarke v Lakha 2024 EWHC 51 (Ch) case offers crucial lessons on director appointments and responsibilities, applicable across the corporate lifecycle from inception to exit. Key Takeaways: 1️⃣ Legal Compliance: Formal documentation is essential for legitimising director appointments and safeguarding against disputes. 2️⃣ Directors' Duties: Directors must understand and uphold their fiduciary duties to act in the company’s best interest. 3️⃣ Accountability: Implement robust checks and balances to ensure accountability and protect the company’s integrity. Read all about it and our key takeaways in more detail here: https://lnkd.in/eiKeXfff At Avery Law, we provide a CoSec service supporting startups, established corporations, and investment-backed companies in maintaining compliance and effective governance. From initial setup to exit, we provide the expertise you need to navigate corporate complexities. Get in touch today! Article Authors: David Turney / Lisa Brunt #CorporateGovernance #VentureCapital #PrivateEquity #Startups #Founders

A great night of startup pitching last night at Home Grown Club. Well done to Calum Pringle and Reno, Julian Boaitey and Yendy Skin, Mia Woodford and Squirrelled, Jon Dweck and Space32 and 🎥 Gabriel Isserlis and SuperScout.ai for pitching! It takes great courage to put your ideas out there and present them to a panel of judges and potential investors. Those judges were Engin Yenidunya of 21x21, Cedric Van Duffel of Sure Valley Ventures and Dr Shiva Narayan PhD, FCMA,CGMA, FCA of iBANK . Congratulations to the winners, Space32!🍾 Hosted by Entrepreneurs Collective in collaboration with Avery Law. For all EC members, please reach out to us at Avery Law for your EC member benefits. #startups #pitchcompetition #fundraising #founders

Attention UK Businesses: Crucial ESOP Annual Return Deadline Approaching If your company operates employee share plans or equity-based incentives, the deadline to submit annual returns is approaching! This includes tax-advantaged plans like EMI, CSOP, SAYE, and SIP, as well as non-tax advantaged options such as restricted stock units and growth share plans. 🗓️ Key Deadline: 6 July 2024 is the final date to file returns for the 2023-24 tax year. 📌 Why Compliance Matters: Filing annual returns isn't just a formality; it's a legal requirement to ensure transparency and compliance with HMRC and tax laws. Make sure to submit a return for each registered share plan. ⚠️ No HMRC Reminders: Stay proactive! HMRC won't be issuing reminders, so mark your calendars and stay ahead of your compliance obligations. 🚨 Late Filing Penalties: £100 if filed after 6 July +£300 if filed more than 3 months late +£300 if filed over 6 months late 📝 Record-Keeping Tip: Take screenshots of each reporting step since HMRC doesn't confirm submissions. Maintaining thorough records is crucial. 📋 What to Report: Your return must cover all relevant activities between 6 April 2023 and 5 April 2024, including: - Grant, exercise, or lapse of options - Grant or release of conditional share awards and restricted stock units - SIP awards and changes to SIP shares - Post-acquisition chargeable events and benefits - Even if no transactions occurred, file a nil return. ❓ Inactive Plans: If your plans no longer have active awards or grants, consider closing them online. 💻 How to File: Use your plan's unique reference number to submit returns via HMRC directly or through an agent. 📢 Recent Update: EMI Options Notification Deadline: The new deadline is 6 July following the tax year, replacing the previous 92-day period from the grant date. #EMI #CSOP #ShareOptions https://lnkd.in/etJtBiWb

Short on cash runway? Considering a top up round? Our latest article written by Jessica Coventry and David Turney explains what a top-up round is. We cover essential considerations like dilution and potential EIS and EMI tax implications and corporate governance, offering valuable tips for startup founders. https://lnkd.in/eH4Nz8NA

Are you aware that pre-emption rights are fundamental to protecting shareholder interests? If you are considering a fundraise and issuing new shares or one of your shareholders has expressed they wish to transfer or sell their shares, then you need to consider whether pre-emption rights apply. Our latest article, by Lisa Brunt explores these rights and explains the importance of pre-emption rights and also priority rights for preference shareholders, especially from Series A onwards. Whether you are a startup, an established SME, or an investor, this guide provides valuable insights. https://lnkd.in/e4EjJraK #founders #fundraising #startups #corporategovernance #preemption