11 articles
Fundraising is a legal transaction as well as a financial one. Investment agreements, dilution clauses and due diligence require a clear legal framework at each step.
The 2026 Finance Act refocuses tax benefits on JEIs (and impact-focused JEIs), adjusts the CIR (operating expenses capped at 40%) and regulates FCPIs. Here is what changes and how to benefit.
Closing is done; everything begins: SAS governance, reporting, anti-dilution, liquidation preference, drag/tag… and legal formalities (articles, RBE, legal announcement, single portal). A practical post-funding guide.
Bpifrance, French Tech Tremplin, CIR/JEI: a 2026 overview of startup grants and tax credits, de minimis cumulation (€300,000) and good application practice.
Mandatory PSFP regime, €5m per-project cap, KIIS, reflection period, investor tests: a complete practical explanation of the French and European crowdfunding framework.
An asset and liability warranty (GAP) protects investors against hidden liabilities and overvalued assets predating the investment. Contractual framework, key clauses, caps, periods, escrow and method…
Before fundraising, legal due diligence reveals hidden risks and reassures investors. Checklists, an investor-grade data room, compliance (GDPR, Sapin 2, CSRD), a timetable and quick remediation.
Convertible notes (convertible bonds) and BSA-AIR offer fast financing without an immediate valuation. What benefits do they offer startups and investors, what risks arise, which clauses should be negotiated and how should they be structured…
How can founders reduce dilution without blocking a funding round? Anti-dilution clauses, preferential subscription rights, preference shares, valuation, option pools and non-dilutive debt: a practical legal guide for 2026.
Liquidation preference protects investors but can wipe out founders’ equity value. Definition, legal basis, worked scenarios, carve-out and negotiation checklist.
Term sheet, due diligence, shareholders' agreement, extraordinary meeting, instruments (BSA AIR, OC), registry filing and AMF duties: follow a clear, secure legal process for a successful seed funding round in France, avoiding pitfalls…
The term sheet crystallises the financial and legal terms of a funding round. Discover its essential clauses, pitfalls to avoid, negotiation tactics and an operational checklist before signing…
