Login
Workplace culture worth big money in 2018
Herbert Smith Freehills has advised software company Culture Amp on its ‘Series D’ capital raise to fund rapid growth and future expansion.
Grace Ormsby
Firm: Herbert Smith Freehills (Culture Amp)
Value: USD$35 million
Area: Corporate
Key players: The Herbert Smith Freehills team was led by partner Peter Dunne with support from solicitor Ben Waterfall and graduate Thomas Gooch.
Deal significance: Culture Amp is a ‘culture first’ software company that provides staff survey tools and analytics platforms for clients including Airbnb, Disney, McDonalds and Nike. To promote positive workplace culture, the software enables the gathering of information on satisfaction and employee motivation through customised surveys.
In what Herbert Smith Freehills called one of the largest raisings undertaken for an Australian company this year, and reflecting changing perceptions of the importance of workplace culture, the firm aided Culture Amp with the Series D capital raise, which will be employed to fund continued, rapid growth and possible future expansion of the company.
The fund-raising round was led by Blackbird Ventures. Co-investors included Hostplus, with follow-on investment from Index Ventures, Sapphire Ventures and Felicis Ventures.
Herbert Smith Freehills has advised Culture Amp on all of its capital raising to date, which totals A$95.5 million.
Peter Dunne said the team is “delighted to continue acting for Culture Amp as they solidify their position as one of Australia’s leading tech start-ups. This raise underscores the market’s sustained interest in established Australian start-ups with a strong growth trajectory and dynamic leadership.”
Quentin Wallace, Culture Amp’s head of legal, echoed the positive sentiment, saying “it was great to have Peter and Ben at our side for another fundraise. As with previous rounds, it was reassuring to know that the HSF team would be there to provide excellent advice and service when we needed it.”
