Foley Represents CoLabs in Qualified Opportunity Fund Formation

24 October 2019 Media Contact: Jill Chanen News
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.

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