Ejaso has advised Wooptix on its investment round, a unique entity founded in 2016 as a spin-off from the University of La Laguna that has managed to stand out in the production of equipment for chip manufacturers, a market segment with a projected value of $87 billion by 2023.
The recent deal involved the entry of Tel Ventures Capital, a US-based venture capital fund, as well as co-investment from Bullnet Capital and CDTI, the latter representing the Centre for the Development of Industrial Technology, a tranche of the successfully closed Series B round which raised 10 million euros.
“In a second tranche we will find new industrial and international venture capital investors in the Company’s share capital. The closing of the second tranche of the Series B round will also allow the Company to access financing from the European Union”, says César Espert Rodríguez, partner of Ejaso.
The complexity of the investment round lies in aligning the interest of existing venture capital and industrial investors in the company with the interest of new venture capital and industrial investors.
“The coexistence of investors with different markets and exit strategies is the main complexity of the transaction, especially when such coexistence may compromise the future growth and commercial strategy of the Company, as having an industrial investor in the capital of a startup is both an opportunity to reach markets and a challenge due to the difficulties in finding other potential industrialists as clients of the Company”, adds the firm’s lawyer, Daniela Leal Vargas.
Ejaso’s advice has been the key to aligning so many different investment strategies and enabling investment from industrial competitors without compromising the company’s assets and growth strategy.
Partner César Espert Rodríguez, and Daniela Leal Vargas, principal associate have formed the innovative businesses & venture capital team.