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Grow Inc secures $25m capital raising
Global law firm King & Wood Mallesons has advised on Grow Inc’s $25 million Series B capital raising.
Emma Musgrave
Firm: King & Wood Mallesons (Grow Inc).
Value: $25 million.
Area: Finance, corporate.
Key players: The King & Wood Mallesons team was led by senior associate Anthony Boogert. Partner Nicole Heller and solicitor Daniela Lai provided strategic advice on the strategic development agreement with the ASX, “under which Grow will develop new infrastructure for the administration of superannuation funds and engage in other collaborative activities with the ASX”.
Deal significance: The Series B capital raising enables Grow Inc “to accelerate development of its flagship high-security distributed ledger funds administration platform,” a statement from King & Wood Mallesons said.
“Grow Inc’s DLTA platform uses distributed ledger technology – commonly known as the blockchain – to improve security compared to other administration platforms. Grow Inc, founded in 2017 has recently been appointed to provide fund administration services in Australia to Vanguard, the world’s second largest asset manager, as well as other asset management funds.
“The funding round was led by leading Australian venture capital fund, AirTree Ventures, and also involves a strategic investment from ASX Limited. In addition, Grow issued a series of convertible notes in 2020, which will convert into the Series B Preference Shares offered in the funding round provided certain conditions are met.”
Commenting further, senior associate Mr Boogert said: “KWM understands fintech companies, and why Grow Inc’s technology is a game-changing innovation for this market.
“We’re really excited to be working with companies that are fundamentally changing financial services markets.”
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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