MJ Hudson announced today that it advised Outsized Ventures on the establishment of its inaugural fund, which held a first closing in December 2021. Investors in the fund comprise family offices, angel investors, experienced tech start-up operators, high profile exited founders and global institutional investors reflecting the strong support for the fund from the global venture industry. Outsized Ventures was founded in 2021 by Lomax Ward, Isabel Fox and Rodrigo Mallo.
MJ Hudson Law supported the Outsized Ventures team from the outset of the launch of their new fund proposition, providing design, structuring and general commercial advice relating to the fund and the fund terms as well as coordinating other service providers to first closing and have built a strong relationship with the Outsized Ventures’ team. MJ Hudson Regulatory Solutions also assisted Outsized Ventures in obtaining its direct FCA permissions as part of this fundraise.
The fund’s focus is start-ups at “Seed+”-stage (i.e. shortly after seed round or just prior to series A round) and aims to build a portfolio of around 25 companies. Outsized Ventures’ ethos is to offer founders an 'equity back guarantee”; as Lomax Ward explains, “simply put, the most valuable thing a founder has is equity and if we take a piece of that by overselling ourselves, then the founder can take the equity back. It’s as fair as it can be.” For three months following investment by the fund, if founders believe that the investment turns out to be something other than promised, they can return the cash investment and retain their equity.
Lomax Ward said “The service offered by MJ Hudson was comprehensive and timely, and the legal support from Karma and Ronan allowed us to navigate this process from fund establishment to closing as smoothly as possible. The perseverance and initiative displayed by MJ Hudson is testament to the kind of tailored and pragmatic service they provide. Their knowledge and experience really shone through and complemented the hard efforts of Isabel, Rodrigo and the rest of the Outsized Ventures team to make this happen.”
Ronan McCann, MJ Hudson partner, commented: “We are delighted to have assisted the Outsized Ventures team with the launch of their inaugural fund. Lomax and team have built a fantastic investment proposition for founders, and with the support of their new community of limited partners, they are in an excellent position to back the next wave of great companies underpinning the future of health, planet and society. We look forward to continuing to support the Outsized Ventures team as they work towards achieving their target fund size.”
The MJ Hudson team was led by Karma Samdup (Co-Managing Partner of MJ Hudson Law & Head of VC) and Ronan McCann (Partner), and was supported by Harriet Dedman (Senior Associate), Mina-Marie Doherty (Associate) and Jake Tilford (Trainee Solicitor).
Senior Adviser, IR and marketing solutions
Tel: +44 (0) 7796 547 454