Piper Jaffray

Piper Jaffray, the entity referenced, is now known as Piper Sandler Companies, following its acquisition of Sandler O'Neill + Partners in 2019. Established as a full-service investment bank and asset management firm, its roots trace back to 1895. Today, Piper Sandler operates as a leading investment bank and institutional securities firm, providing a comprehensive range of financial services to corporations, private equity firms, and institutional investors across various sectors.

The firm's core business revolves around investment banking, which includes mergers and acquisitions (M&A) advisory, equity and debt capital markets underwriting, and institutional sales & trading. Piper Sandler's primary role is to facilitate strategic transactions and capital formation for its clients, rather than acting as a direct principal investor in early-stage companies. The firm boasts a significant global presence, with over 1,800 employees operating across more than 60 offices in the U.S. and internationally, underscoring its broad reach and operational scale.

Given its operational model as an investment bank, Piper Sandler does not typically engage in direct venture capital investments by providing "first checks" to startups in the manner of a traditional venture capital fund. While they advise companies on raising capital through various means, including private placements, their function is to connect companies with investors or to underwrite public offerings. For example, in 2022 alone, Piper Sandler advised on over 300 transactions, demonstrating its focus on advisory and underwriting services. Therefore, defining typical "min_check_size" and "max_check_size" for direct venture investments is not applicable to their core business activities.