Client: Vucity Limited
Area of Law: IT & Technology
Vucity Limited is a joint venture vehicle, initially between marketing firm Wagstaffs Design Ltd and property company GIA Partnership.
To raise extra capital, Vucity has obtained equity funding from Savills Group Plc, via its investment arm Grosvenor Hill Ventures Ltd. The investment will be used by Vucity to develop the wider market potential of software it owns of a highly accurate 3D model of London for marketing and technical use.
In a complex and unusual investment transaction, we advised the original investors in selling shares to raise £1 million and coordinating this with the simultaneous investment by the purchaser of a further £3 million. In effect, this has made Vucity into a three-way joint venture.
In addition to the meticulous coordination involved, the transaction called on our skills to balance competing interests and to guide the parties who were inexperienced in corporate deals.