Trent Dykes

Trent Dykes

I am a corporate and securities attorney who represents emerging growth companies and the investors who invest in such companies, and am the Chair of the Northwest Emerging Growth and Venture Capital Practice for DLA Piper. My practice focuses on securities offerings, mergers and acquisitions and general corporate law. My clients are individual entrepreneurs, early stage, venture-backed and public companies and venture capital investors. I have done numerous initial and secondary public offerings and hundreds of seed and venture financings. I enjoy helping startup companies navigate their way into successful enterprises.

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Current trends on deal multiples (Q1 2017)

Our private company clients often ask what kind of revenue or EBITDA multiple ranges they can expect upon a sale or when determining their enterprise value in connection with a financing. This is always a tricky question as value is driven by ever-changing supply and demand and then-current market conditions. …

Angel Investment Trends: FY 2015 Halo Report

The 2015 Annual Halo Report has been released by The Angel Resource Institute at Willamette University (ARI) and PitchBook.  The Halo Report analyzes angel group investment activity and trends in the United States.  Here are a couple interesting FY 2015 highlights:

  • The median seed-stage valuation for 2015 deals hit an all-time high of $4.6M (up from 53% from 2014);
  • The median and mean round sizes in deals with only angel investors climbed to $850K and $1.164M, respectively (both up materially from 2014);
  • The median and mean round sizes in deals when angels co-invest with non-angels also climbed to $1.6M and $2.0M, respectively (however, this was only a modest increase from 2014);
  • The Halo Reports provides a list of the most active angel groups by deal count in 2015;
  • California continues to be the leading region in terms of the most angel capital invested and highest angel deal count, but the New England-area basically doubled its share of both deals and dollars nationally in 2015; and
  • The top three industry sectors attracting angel investment continue to be software, healthcare and commercial services (in terms of both total dollars invested and total deal count).

Franchise tax due by March 1 for Delaware corporations: two methods of calculation, two vastly different results

Just a reminder to those who have Delaware corporations, your annual report and franchise tax payment are both due by March 1. At this point, you have likely already received from Delaware your notification of annual report and franchise tax due, which is sent to a corporation’s registered agent in December or January of each year.…

Angel Investment Trends: Q3 2015 Halo Report

The Q3 2015 Halo Report has been released by The Angel Resource Institute at Willamette University (ARI) and PitchBook.  The Halo Report analyzes angel group investment activity and trends in the United States.  Here are a couple interesting Q3 2015 highlights:

  • The median seed-stage valuation has hit an all-time high of $4M (up from $3M in 2014);
  • The median round size in deals with only angel investors was $725K and the median round size in deals when angels co-invest with non-angels was $1.71M (both up materially from Q3 2014);
  • The Halo Reports provides a list of the most active angel groups by deal count in 2015;
  • California continues to be the leading region in terms of the most angel capital invested and highest angel deal count (with totals thru Q3 2015 at 19.7% and 21.1%, respectively, of the U.S.

Merger activity remains strong in Q3 2015; average deal size spikes

Earlier today PitchBook released its M&A Report for Q3 2015 and the stats indicate continued strength in merger and acquisition activity.

While the overall deal count for Q2 2015 was down (4,250 deals with an aggregate value of $416 billion) as compared to the prior quarter (4,803 deals with an aggregate of $560 billion) and prior year (5,183 deal with an aggregate of $373 billion), the average transaction size spiked to $1.103 billion in Q2 2015 as compared to $795.3 million in Q1 2015 and $231.9 million in Q2 2014.…

Interactive 2015 Data Protection Laws of the World Handbook

Compliments of our DLA Piper colleagues in the data protection and privacy practice, and co-editors Kate Lucente and John Townsend, here is the DLA Piper 2015 Data Protection Laws of the World Handbook. This updated 2015 online edition of the handbook offers a high-level snapshot of selected features of international laws as they currently stand in 77 jurisdictions across the world.…

Franchise tax due by March 1 (a Sunday!) for Delaware corporations: two methods of calculation, two vastly different results

Just a reminder to those who have Delaware corporations, your annual report and franchise tax payment are both due by March 1 (which falls on a Sunday this year so plan accordingly). At this point, you have likely already received from Delaware your notification of annual report and franchise tax due, which is sent to a corporation’s registered agent in December or January of each year.…

Tax reform after the mid-terms: Why we can expect Congress to act

Article prepared by and republished courtesy of our colleagues Evan Migdail, Bruce Thompson and Linda Pfatteicher; originally published here: http://www.dlapiper.com/en/us/insights/publications/2014/11/tax-reform-after-the-mid-terms/.

While some aspects of the agenda for the incoming Republican-controlled 114th Congress are still in formulation, there is no question that tax reform will be a top priority.…

Take the Technology Leaders Forecast Survey

On October 7, DLA Piper will host the Technology Leaders Summit, where technology leaders, influential innovators and policymakers convene to discuss the future of innovation. At the Summit, DLA Piper will release the results of its fourth, semi-annual Technology Leaders Forecast Survey, which will gauge the perspectives of leading technology and venture capital executives regarding the business climate and operating environment for technology companies.…

What is Micro-Venture Capital?

Over the past few years, a new funding source for seed stage startups has developed and quickly become an integral part of the startup ecosystem.  This newer brand of investor is typically labeled a seed venture or micro-venture capital fund (a Micro-VC).…

Angel Investment Trends: Q1 2014 Halo Report

The Q1 2014 Halo Report has been released by the Angel Resource Institute, Silicon Valley Bank and CB Insights. The Halo Report analyzes angel investment activity and trends in the United States. Here are a couple interesting Q1 2014 highlights:

  • The median angel round size jump to $980K (up from $750K in each of Q1 and Q4 2013);
  • The median round size was $1.65M when angel groups co-invest with other types of investors;
  • The median seed stage pre-money valuation increased slightly to $2.7M;
  • Angel groups continue to primarily invest within their home state, with 75% of angel group investments made intrastate;
  • California was the most active region for angel deals completed (at 17.7% of the total deals), however, the Great Lakes region accounted for the most total dollars invested (at 24.6% of total dollars invested); and
  • The top three industry sectors attracting angel investment were Internet, healthcare and mobile, both in number of deals and total dollars invested – with the Internet sector accounting for the most deals and total dollars by a significant margin.
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