Foley represented software incubator CoLabs in the formation of its Qualified Opportunity Fund (QOF) and the conversion of its operating business to a Qualified Opportunity Zone Business (QOZB). The new QOF/QOZB structure allowed Tampa-based CoLabs, which has grown to more than 20 employees, to raise over $6 million from 19 investors.
CoLabs is the one of the first fully-funded operating businesses in the Tampa Bay area to raise capital from investors making tax-deferred investments in opportunity zones. The company specializes in Software-as-a-Service (SaaS) using artificial intelligence and machine learning.
The Foley team was lead by Tampa-based associate Nick Horner (Tampa, FL) and Washington, D.C.-based Of Counsel David Weisblat.