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Thompson Hine LLP, a full-service business law firm with approximately 400 lawyers in 11 offices, was ranked number 1 in the category “Most innovative North American law firms: New working models” by The Financial Times and was 1 of 7 firms shortlisted for The American Lawyer’s inaugural Legal Services Innovation Award. The firm has been recognized by the National Law Journal as a Legal Technology Trailblazer and featured by Bloomberg for its innovative service delivery models, which drive accuracy and predictability. The firm’s commitment to innovation is embodied in Thompson Hine SmartPaTHTM – a smarter way to work – predictable, efficient and aligned with client goals. For more information, please visit ThompsonHine.com and ThompsonHine.com/SmartPaTH.

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New Ventures Strategic Partner Spotlight: Michael McMahon

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Michael is a senior counsel who focuses on debt financing of all shapes and sizes. He primarily represents borrowers throughout their lifecycle, from venture debt at the startup phase through large, syndicated debt facilities and everything in between. Michael negotiates growth capital, working capital and acquisition financing loans, including senior secured loans, second-lien loans, unitranche facilities, ABL facilities, subordinated debt and various mezzanine financing structures. His experience includes working with Small Business Investment Companies (SBICs) and specialty finance providers. Michael also has a background in bankruptcy and restructuring and advises debtors and investors in workout situations.

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2024 Kurt Tunnell DEI Sponsor Award Recipient – <a href="https://www.thompsonhine.com/professionals/lindsay-karas-stencel/">Lindsay Karas Stencel</a>

Congratulations Lindsay Karas Stencel for receiving the 2024 Kurt Tunnell DEI Sponsor Award from the Ohio Women’s Bar Association. This award is given annually to one individual for their efforts in promoting leadership in the law and DEI, including creating opportunities for women and diverse attorneys, sponsoring up-and-coming female and diverse attorneys, and their efforts in establishing innovative ways to increase engagement of women and diverse persons within the law. We are proud to call you our colleague and friend. Your unwavering support for the firm’s DEI initiatives has set a benchmark for excellence and inclusivity. You have not only championed the cause but have also inspired many to follow in your footsteps. Your dedication to fostering a diverse and equitable legal community is commendable and deeply appreciated by all of us. Thank you for your tireless efforts and impactful contributions.

The Thompson Hine New Ventures team was delighted to sponsor the recent North Coast Ventures happy hour in Columbus. The energy and enthusiasm from the Columbus investors and other attendees were truly infectious. These events are instrumental in forging connections and fostering a community dedicated to growth, innovation, and shared success in Ohio. North Coast Ventures invests in early-stage entrepreneurs, providing them with on-demand access to intellectual capital through our extensive member network and strong connections to corporate decision-makers, resulting in game-changing opportunities.

Youngstown Business Incubator: EVOLVE Technology Program

On May 16, New Ventures attorney <a href="https://www.thompsonhine.com/professionals/sean-ganley/">Sean Ganley</a> delivered an insightful presentation to the YBI Evolve Technology Program, focusing on the fundamentals of investment round term sheets. His presentation covered Series Seed, Series A, Convertible Note, and SAFE investment rounds, and provided an overview of the essential terms and current market standards. The EVOLVE Technology program collaborates directly with entrepreneurs involved in tech-based startups, with a special emphasis on digital and advanced manufacturing. Thompson Hine is proud to support YBI in offering educational programs like this one, fostering knowledge and growth within the entrepreneurial community.

Angel Capital Association Announces Partnership with Thompson Hine

The Angel Capital Association (ACA), the world’s leading professional association for angel investors and startup entrepreneurs, has announced a partnership with Thompson Hine. With an overall goal of educating and meaningfully connecting with angel investors and angel group leaders around the world, the ACA and Thompson Hine have forged a new 12-month partnership to be of great benefit to the angel investment community. As a central component of this partnership, the ACA will be working closely with Thompson Hine to provide meaningful connections with ACA’s member angel investors and angel group leaders to best support their portfolio of startup entrepreneurs.

Ohio State Early Investor Network: Cap Tables, Term Sheets and Valuations – June 19

Join Ohio State Early Investor Network (OSEIN) investment committee member and venture lawyer Lindsay Karas Stencel as OSEIN opens their monthly lunch and learn to discuss what to look for when reviewing capitalization tables, term sheets and startup valuations and pick up some tips to help you evaluate future investments. Thompson Hine is happy to support OSEIN as they seek to foster an entrepreneurial relationship between Ohio State related investors and entrepreneurs and provide access to investment opportunities and outside capital. To register for this event, <a href="https://osu.zoom.us/meeting/register/tJAtcuurpz4tGNEYga4p89ITIr3b6hArjq5j#/registration">click here</a>.

The Thompson Hine New Ventures team is excited to sponsor the TechChicago Capital Summit for the second consecutive year. This weeklong conference will be held in Chicago from July 22-26. <a href="https://www.thompsonhine.com/professionals/aisling-susan-olaoire/">Aisling O’Laoire</a>, New Ventures counsel, will moderate the presentation “Securing Growth Capital: Later Stage Fundraising Strategy” on July 24.

TechChicago Week (TCW) showcases Chicago’s vibrant tech ecosystem with a week of culture, inclusive access, opportunities, conversations, and community. This event combines culture and technology to create an innovative experience for everyone. The conference aims to engage the region's diverse tech community, including tech companies, founders, startups, corporations, VCs, youth, nonprofits, operators, and engineers/techies. We look forward to seeing you there.

Data Insights: State of Private Markets – Q1 2024

In the first quarter of the year, companies on Carta closed 1,064 new funding rounds, a 29% drop from the previous quarter. The decline was most pronounced at the early stages, with seed stage deals down 33% and Series A down 36%. Many companies turned to bridge rounds instead, which comprised over 40% of seed and Series A financings and 38% of Series B. Despite fewer deals, total investment slightly increased to $16.3 billion. However, 23% of new rounds were down rounds, the highest rate in over five years. Following a pandemic-era surge and correction, the venture market has remained relatively calm into 2024.

VCs look to the West: Startups based in the West census region captured 62% of all venture capital raised by companies on Carta in Q1, the highest quarterly figure since Q1 2019. The Northeast, South, and Midwest all saw their market shares decline.

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The Series C market bounces back: Series C startups raised $4.6 billion in new capital in Q1, a 130% increase from the previous quarter. The median primary Series C valuation was $195.7 million, up 48% from the prior quarter.

Layoffs still linger: Companies on Carta laid off more than 28,000 employees in Q1. But job cuts have grown less frequent since January, with March seeing the fewest monthly layoffs in nearly two years.

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***Data provided by <a href="https://carta.com/blog/state-of-private-markets-q1-2024/?utm_medium=email&amp;utm_source=blast&amp;utm_campaign=20240516-amer-general-data_newsletter&amp;utm_content=&amp;mkt_tok=MjE0LUJURC0xMDMAAAGTIg2qCK8oufnoEIkdOMw9HdIa0AiSF8oyKb4d4PDhUo5VsQDW2KNg9XcS4Cp3GSSffPzaOv3eiI3Bt0IE4Bbx1WW44YiG5txpRyI3Dn4y8eoulys9FrmTsDmAHQ#key-trends">Carta Insights</a>

QuickLaunch: Experienced Guidance for Startups and Investors

Our QuickLaunch program is tailored to entrepreneurs, startups and investors, providing guidance on growth and funding cycles and offering cost-effective counsel on day-to-day legal matters from formation to funding to exits. Our seasoned team helps navigate the confusing waters of growth, funding, expansion and those tricky legal issues that can arise, often at fixed or budgeted pricing by using our firmwide proprietary SmartPaTH™ tool. To learn more about our tailored, value-enhancing solutions, please visit our <a href="https://www.thquicklaunch.com/">QuickLaunch</a> site.

For more information, please contact a member of our QuickLaunch <a href="https://urldefense.com/v3/__http:/links.thompsonhine.mkt4194.com/els/v2/yv3PMdzGK2J4/b3ZCZFBPS3h0Znd2bWJpd0gzUXdFWHQyWFhZU1EwSkNmSm9wdVZGUEh2V2tyV0pCLzgydEM3R2Z1UXN3aWdFbWtjNXBXTjJoekR3b1laQjBuVVlDN2dZM0ZxT2ZwMXBKZ1llcWJEcnQ5MXdkZHRhbDlIODhNdz09S0/__;!!OdqygGz-7UHvSw!pxpd_C6lXS7xczuNUlbA-hqNw6gbLNjmHOPgsHopgrgbH-4_qG0XPmydlwiZdhO1a847BfSCu5hnZ04iQauqVuG7lYvIz_eNlXQ$" target="_blank" rel="noreferrer noopener">team</a>.

New Ventures Update – May 2024

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