DLA Piper advises Sharp Alpha Advisors in formation of US$10 million venture fund

DLA Piper represented Sharp Alpha Advisors in the formation and closing of Sharp Alpha Fund I, an oversubscribed US$10 million venture capital fund investing in early-stage sports betting technology companies.

Based in New York, the fund has already deployed capital into 11 startups, including Players' Lounge, GridRival, PickUp and Prophet. The fund targets initial allocations averaging US$250,000 in Seed and Series A financings, with plans to provide follow-on support in subsequent rounds. Sharp Alpha also maintains a co-investment vehicle that enables limited partners to invest additional capital in select deals alongside the fund. Through the use of this vehicle, the firm has made initial allocations in excess of US$1 million.

“We were pleased to bring to bear our extensive fund formation experience to advise Sharp Alpha on the full life cycle of this fund, from formation through final closing,” said Yoni Tuchman, the DLA Piper partner who led the firm’s deal team.

“Sharp Alpha is deploying capital on behalf of some of the world's largest and most sophisticated financial institutions. Securing world-class counsel in Yoni and the team at DLA has been fundamental to our success and highly accretive to our business,” said Lloyd Danzig, founder and managing partner of Sharp Alpha.

In addition to Tuchman (Los Angeles), the DLA Piper team advising Sharp Alpha Advisors on the fundraise included tax partner SeoJung Park (Silicon Valley) and investment funds associate David Pennant (Philadelphia). Sharp Alpha also works closely with DLA Piper partner Joe Piesco (New York) and associate Edward Rooker (New York) on commercial matters and with associate Ian Hlatky (Los Angeles) on investment-related matters.

The firm’s global investment funds team provides a dynamic, integrated service to sponsors, fund managers and institutional investors, supported by the firm’s international tax and regulatory networks. The team advises clients on the full spectrum of private investment funds, all major investment strategies and all stages of a private investment fund's life cycle.