Reynen Court, the so-called app retailer for authorized know-how, right this moment launched a common solicitation inventory providing as a way to convey on particular person attorneys and “legal technology enthusiasts” as buyers within the firm.
The providing, which is described at make investments.reynencourt.
Under Rule 506(c), purchasers should be U.S.-based “accredited investors,” which usually implies that they meet sure revenue and internet price necessities, and the issuer should confirm that purchasers meet this requirement.
Purchasers obtain restricted securities, that are beforehand issued securities that aren’t freely tradable.
Reynen Court has already acquired $19 million in funding capital from enterprise funds and 4 main legislation companies, together with $4.3 million raised earlier this yr. This providing is an extension of that latest spherical, the corporate stated.
Reynen Court stated this on-line providing “is groundbreaking in its use of social media and other forms of general solicitation to attract individual shareholders to a mission to help define, adopt, and support technology standards designed to drive down costs for both the buyers and sellers of technology.”
“We believe passionately in the power of community,” stated founder and CEO Andrew Klein. “We intend to secure capital to fuel further growth and at the same time greatly enhance our alignment with the larger legal community—the very lawyers, technologists, and innovation professionals who are the real drivers of our industry’s future.”
Klein isn’t any stranger to on-line public choices. In 1992, the Harvard Law School graduate was an affiliate at Cravath, Swaine and Moore when he left to start out a brewery. In 1995, to boost cash for the brewery, Klein utilized his expertise as a securities lawyer to launch the first-ever preliminary public providing bought via the Internet.
As Klein described in an episode of my LawSubsequent podcast, the success and notoriety of that IPO led him to launch Wit Capital, an funding financial institution devoted to serving to different firms elevate cash on-line. The firm flourished, recording greater than $350 million in annual revenues, and itself went public in 1999. Ultimately, Wit Capital was acquired by Charles Schwab.
After Wit Capital was acquired by Charles Schwab, Klein moved to Amsterdam the place, over the subsequent 15 years, he co-founded two asset administration companies, Skybridge Capital and Ultra Capital, and, in between these ventures, created and led Spotzer Media, a supplier of digital promoting options to native companies.
Founded in 2018, Reynen Court’s platform is designed to make it simpler for legislation companies and authorized departments to search out, take a look at, undertake and handle third-party cloud-based software program functions with out having to relinquish management over their information.