Joel Ruffini

Special Counsel

  • Joel Ruffini
  • Phone: +1 215 979 1219

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  • Duane Morris LLP
    30 South 17th Street
    Philadelphia, PA 19103-4196
    USA

Joel Ruffini practices in the area of corporate law, representing entrepreneurs and emerging growth companies from entity formation through exit, and investors in financing transactions. 

Mr. Ruffini regularly represents startups and investors in capital raising transactions, including angel, seed, venture capital, growth equity, and strategic financing transactions. He has counseled startups and investors in hundreds of early-stage financing transactions using convertible notes, SAFEs, and preferred equity structures. As counsel to emerging growth companies, he helps companies with commercial contracts, corporate governance, and other issues they face in their business operations.

A significant portion of Mr. Ruffini’s practice involves advising venture capital funds, private equity funds, crossover funds, and other institutional investors in connection with their investments in startups and other growth stage private companies. His private equity experience includes growth equity investments, secondary sale transactions, recapitalization transactions, structured equity investments, buyout transactions, minority equity investments, and other complex financing transactions.

In addition to his experience in investment transactions, Mr. Ruffini also represents buyers and sellers in a variety of mergers and acquisitions and other corporate transactions.

Areas of Practice

  • Corporate Law
  • Venture Capital/Private Equity
  • Emerging Companies
  • Mergers and Acquisitions

Representative Matters

    Private Equity and Growth Equity Transactions

  • Represented institutional investor in connection with a $900 million growth equity financing and secondary transaction and subsequent $120 million secondary sale transaction for a legal technology company.
  • Represented institutional investor as lead investor in a $500 million Series F investment and as lead investor in a $750 million Series G investment for a battery storage technology company.
  • Represented institutional investor in a $175 million Series D financing transaction, $145 million Series E financing, $250 million Series F financing, and initial public offering for a pharmaceutical development company.
  • Represented institutional investor in an equity investment in a regulated financial institution with total transaction proceeds in excess of $600 million and an additional $50 million private placement.
  • Represented crossover fund as lead investor in a €175 million Series C financing and in a $370 million Series D financing for an AI agent technology company.
  • Represented institutional investor in a $250 million preferred stock financing for a defense technology company.
  • Represented crossover fund in a $250 million recapitalization and financing transaction for a company in the on-demand delivery space.
  • Represented institutional investor in a growth equity financing round with proceeds in excess of $200 million for a carrier rocket and launch systems technology company.
  • Represented strategic investor in a $200 million financing in an infrastructure technology company.

  • Represented institutional investor in a $150 million Series C financing for a rare earth minerals processing and recycling company.

  • Represented strategic investor as a co-lead investor in a $150 million capital raising transaction for a lithium-ion battery cell manufacturer.

  • Represented crossover fund as lead investor in a $105 million preferred stock financing for a vacation home rental company.

  • Represented a company in the non-fungible token (NFT) space in multiple rounds of financing transactions totaling over $100 million in invested capital including a $65 million growth equity financing transaction.

  • Represented health and fitness company in corporate reorganization and $72.5 million secondary transaction in preparation for a SPAC transaction.

  • Represented financial lending company and its subsidiary as target in private equity transaction involving approximately $63 million in debt and equity financing.

  • Represented syndicate of venture funds in a $60 million growth equity financing transaction.
  • Represented private equity and credit fund in debt and equity financing transactions in excess of $75 million in an internet infrastructure development company.
  • Represented crossover fund as lead investor in multiple investment rounds totaling $45 million in invested proceeds for a financial services and technology company.
  • Represented private equity fund as a lead investor in a $45 million growth equity financing and debt recapitalization transaction.
  • Represented enterprise software company in a $30 million growth equity and secondary financing transaction.

  • Represented healthcare software company in a $21 million growth equity financing transaction including $6 million of secondary transactions.

    • Venture Capital Financing Transactions

  • Represented fintech-focused venture capital fund in numerous Series Seed, Series A, Series B, and other investments in fintech startups.

  • Represented autonomous flight system company in financing transactions totaling $29 million from strategic investors in the aerospace, defense, and construction industries.

  • Represented data analytics company in financing transactions totaling $18 million.

  • Represented telemedicine company in financing transactions totaling $13 million in invested capital.

  • Represented a publicly traded retail company in a $12 million strategic investment in an esports company.

  • Represented insurtech company in a $10 million Series A financing transaction, $1.76 million Series Seed financing transaction, convertible debt financing transaction, and venture debt financing transaction.

  • Represented venture capital fund in a $10 million Series B financing transaction for a consumer facing software company.

  • Represented consumer brand focused venture capital fund as lead investor in a Series B financing transaction for a makeup company.

  • Represented blockchain technology company in financing transactions raising over $10 million.

  • Represented artificial intelligence technology company in $10 million Series A financing transaction.

  • Represented healthcare technology company in multiple rounds of financing transactions totaling over $10 million in invested capital.

  • Represented ecommerce company in financing transactions totaling over $10 million.

  • Represented furniture marketplace company in financing transactions totaling over $10 million.

  • Represented personal safety technology company in financing transactions totaling over $10 million.

  • Represented organic food company in $9 million convertible security financing transaction.

    • Mergers and Acquisitions

  • Represented venture capital fund in connection with a $228 million restructuring and acquisition transaction of a portfolio company.
  • Represented acquiror in connection with roll-over equity components of a $187 million acquisition transaction for a company in the gaming industry.
  • Represented legal technology company as target in a sale of equity interests for $29 million to a private equity backed platform company.

  • Represented healthcare data analytics company as target in a $30 million acquisition.

  • Represented technology company as target in a merger valued at $30 million including roll-over equity with a subsidiary of a private equity backed platform company.

    • Investment Funds

  • Represented multi-asset continuation vehicle fund in connection with secondary transactions with total transaction proceeds in excess of $140 million.

  • Represented life sciences-focused venture fund in structuring a $100 million investment vehicle to invest in technology spinouts from a prominent research hospital.

  • Represented life sciences-focused venture fund in $25 million Fund I fund formation.
  • Advised venture capital funds in regulated industries on fund structuring matters.
  • Advised fintech-focused venture capital fund on fund operations including SPV formations, co-invest terms, fund disclosure matters, and other internal operations.

Admissions

  • Pennsylvania
  • New Jersey

Education

  • Drexel University, Thomas R. Kline School of Law, J.D., 2014
  • University of Minnesota, B.S., Psychology, 2011
  • University of Minnesota, B.A., History, 2011

Experience

  • Duane Morris LLP
    - Special Counsel, 2024-present
    - Associate, 2021-2024
  • Cozen O’Connor
    - Associate, 2020-2021
  • Baer Crossey McDemus LLC
    - Associate, 2016-2020
  • Ruffini Law LLC
    - Attorney, 2014-2016

Professional Activities

  • Philadelphia Bar Association
  • American Bar Association
    - Business Law Section