Company
Coder is a pioneering technology company that provides open-source tools and an enterprise platform to simplify the configuration, security, and scaling of development environments. Their innovative solutions have attracted a diverse and prestigious client base, including government institutions, Fortune 50 companies, and some of the world’s largest financial organizations.
Challenge
After a successful two-year relationship with our firm, Coder sought to raise a Series B2 round of funding to fuel their next phase of growth. At this crucial point, they needed expert legal help to handle the complexities of venture capital funding.
Solution
Westaway provided comprehensive legal support throughout the funding process. We began by evaluating proposals from various venture capital firms, analyzing the best opportunities for Coder given current market conditions. Working closely with the board of directors, we then negotiated the term sheet to secure optimal conditions for the company. To build investor confidence, we facilitated a robust due diligence process, ensuring transparency and compliance throughout. Utilizing the industry-standard NVCA model, we drafted and refined all necessary funding documents with precision. Throughout the entire process, we maintained close coordination with the investors’ legal counsel, ensuring a smooth and efficient process while promptly addressing any concerns that arose. This thorough approach helped pave the way for a successful funding round.
Impact
Thanks to our support, Coder secured $35 million in Series B2 funding, led by prominent venture capital firm Georgian, with participation from existing investors Uncork Capital, Notable Capital, and Redpoint Ventures. This round brought Coder’s total Series B funding to an impressive $65 million, demonstrating strong investor confidence in the company’s vision. With this substantial capital infusion, Coder is well-positioned to broaden its open-source footprint, evolve cloud development environments (CDEs), and expand its global presence. This successful funding round marks a significant milestone in Coder’s journey, setting the stage for continued innovation and growth in the development tools sector. The company can now accelerate its product development, enhance its market reach, and solidify its position as a leader in the industry.
