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Carma cements multimillion-dollar capital raise
Global law firm Herbert Smith Freehills has advised Carma on its multimillion-dollar Series A capital raise.
Emma Musgrave
Firm: Herbert Smith Freehills (Carma)
Value: US$52 million
Area: Venture capital
Key players: The Herbert Smith Freehills team was led by partner and head of venture capital Peter Dunne, co-head of venture capital (Australia) Elizabeth Henderson, senior associate Thomas Kelly and solicitor Roy Carbone, with support from solicitor Shonie Kaushik and graduate Jane Wang. The team also worked with associated tax practice Greenwoods & Herbert Smith Freehills, led by partner Toby Eggleston.
Deal significance: According to a statement from Herbert Smith Freehills, Carma is an Australian company that provides a fully digital online used car platform.
The company offers a large range of quality pre-owned vehicles at fixed prices, delivered to the home. The quality of each vehicle is assured via an in-house inspection and reconditioning process, warranties, and a seven-day returns policy. Customers can checkout online in under 10 minutes, with integrated financing, the firm added, noting that the new capital will be employed to fund the continued growth and expansion of the company.
“It’s been a pleasure working with the team at Carma again on another successful raise, which follows the US$20 million Series Seed in March 2021,” said Mr Dunne.
Commenting further, Lachlan MacGregor, Carma co-founder and chief executive, said: “The Herbert Smith Freehills venture capital team provided invaluable advice to Carma during our Series A funding round.
“The capital and support from investors will allow us to accelerate our expansion interstate and continue to develop our platform, transforming the way Australians buy cars.”
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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