A startup-focused arm at law firm Shulman Rogers is accepting applications from companies looking to raise seed capital for a new, upcoming investor showcase.
Next, a practice group for the Potomac-based firm, is geared specifically to the startup market, offering guidance on everything from launch to fundraising to growth, all with fixed-price fee packages that may appeal to startups on a budget. Its latest offering, an investor showcase dubbed Next Raise, is another way the firm is catering to its target community by trying to address a common client issue: Where’s the money?
The frothy venture capital market of 2021 and early 2022 is over. Even after a bounce-back in the first quarter of 2023, activity was far from its pandemic-era peaks. Next founder and co-Chair Anthony Millin sees Next Raise as a way to jump-start deal activity within the startup community.
"[Next Raise] is meant to make it easier to connect investors who are currently actively investing in the marketplace and founders who are seeking capital and are investor-ready,” Millin said.
The investor showcase will feature panel discussions with eight investors, who will discuss the types of businesses they want to invest in and will each select up to four companies from the application process to meet with, one on one. The investors have not yet been named. Startup participants, those in the seed to Series A level, do not have to be clients of Shulman Rogers, which has offices in D.C., Alexandria and McLean.
The showcase, managed by Next in partnership with Deloitte and Capital Raise, takes place June 1 at Shulman Rogers’ offices, at 12505 Park Potomac Ave. in Potomac. The deadline for startups to submit applications to participate in the event is May 10.
Despite data and news that suggests a downward trend, Millin believes venture activity is still high. He sees deals closing — the difference now is founders can no longer expect the same valuations or seed round size as a year or two ago.
“There’s still a lot of activity, a lot of investors still have significant amounts of unallocated capital,” Millin said. “What we're seeing is investors being active but doing more diligence and looking for more traction than they may have before.”
Next Raise is the latest addition for the group, which has offered a business partner network, roadmap from seed to Series A fundings, entrepreneurship and fundraising courses, and a pitch presentation workshop.
“Part of our timing with wanting to get Next Raise out now is, this is a really important time for founders to be able to get additional support and connecting to investors,” Millin said. “And investors are always trying to find great companies, and we have a lot of great companies in this region.”
An earlier version of this story mischaracterized Next. It's a practice group within law firm Shulman Rogers.
