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Solar start-up 5B raises $55m in Series B round
Australian clean technology innovation company 5B has been advised on a $20 million investment from bp ventures as part of its $55 million Series B fundraising.
Jerome Doraisamy
Firm: Gilbert + Tobin (5B)
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Deal: G+T has advised 5B on the second closing of its $55 million Series B fundraising. The modular solar company secured a funding injection of $20 million from bp ventures “to support 5B’s technology development and growth and accelerate its international expansion”.
Area: Venture capital
Value: $20 million (as part of $55 million)
Key players: The G+T team was led by head of ventures Xavier Keary, who was supported by lawyers Muli Zhou and Alexandra Berry.
Deal significance: Mr Keary said: “We are thrilled to have supported 5B in this significant funding round. The investment from bp’s venture capital arm will help 5B to continue its pioneering work in the solar energy space, and we are excited to see the impact it will have on the industry.”
“This is a major milestone for 5B, and we are proud to have been able to assist the founders Chris and Eden and the rest of the 5B team in achieving it.
“We look forward to continuing to support 5B as it grows and develops in the future.”
