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Style Arcade completes Series A capital raise
Fashion software suite Style Arcade has been advised on its Series A capital raise, led by Acadian Software.
Jerome Doraisamy
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Firm: Herbert Smith Freehills (Style Arcade)
Deal: Herbert Smith Freehills’ venture capital team has advised Style Arcade on its approximate $8 million Series A capital raise. The round was led by Acadian Software.
This new capital, the firm said in a statement, will be employed to fund the continued rapid growth and expansion of the company.
Area: Capital markets
Value: Approximately $8 million
Key players: The HSF team was led by co-head of venture capital in Australia, Elizabeth Henderson, and solicitor Taseen Rafi, with support from partners Toby Eggleston and Christine Wong and senior associate Owen Lunney.
Deal significance: Speaking about the deal, Ms Henderson said: “It’s a ringing endorsement of Style Arcade, its founders, and its technology offering to have its Series A investment round led by Acadian Software, whose investment focus is in SaaS businesses with proven technology and strong fundamentals.
“Herbert Smith Freehills very much enjoyed working with Style Arcade over this and previous raises and watching the business grow from strength to strength.”
Mr Rafi added: “It was wonderful working with Michaela and Tristan, who have developed a great SaaS solution for an exciting sector. With the help of Acadian Software’s experience and expertise, we expect big things in coming years from Style Arcade.”
Style Arcade chief executive and co-founder Michaela Wessels noted: “This is the second capital raise we have completed with HSF representing us. The calibre of the team and the confidence with which they execute and advise is unmatched. Elizabeth and Taseen, thank you both for being so incredibly responsive, knowledgeable, and also a great deal of fun to work with!”
Jerome Doraisamy
Jerome Doraisamy is the editor of Lawyers Weekly. A former lawyer, he has worked at Momentum Media as a journalist on Lawyers Weekly since February 2018, and has served as editor since March 2022. He is also the host of all five shows under The Lawyers Weekly Podcast Network, and has overseen the brand's audio medium growth from 4,000 downloads per month to over 60,000 downloads per month, making The Lawyers Weekly Show the most popular industry-specific podcast in Australia. Jerome is also the author of The Wellness Doctrines book series, an admitted solicitor in NSW, and a board director of Minds Count.
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