Herbert Smith Freehills’ Australian Venture Capital team has advised Great Wrap on its latest capital raise.
The round was led by existing investor RCV Partners and Australian Open winner Aryna Sabalenka, with participation from existing investors Barrel Ventures, Platinum Mile, Thomas Foods, Giant Leap and Startmate.
Great Wrap is an Australian company that produces compostable cling wrap with the goal of reducing the amount of plastic waste that ends up in landfills. This latest capital raise by Great Wrap comes as it continues to scale its business, having recently partnered with leading packaging and recycling company Opal ANZ to expand sales and distribution.
The Herbert Smith Freehills team was led by partner and Co-Head of Venture Capital (Australia) Elizabeth Henderson and solicitor Roy Carbone, with support from partner and Co-Head of Venture Capital (Australia) Claire Thompson and solicitors Anne Hu and Mayumi Martins.
Roy Carbone said, “It was a pleasure to work with the Great Wrap and its founders, Jordy and Julia, again on another capital raise, and we are delighted to see the positive impact that Great Wrap is having on solving a global environmental challenge.”
Co-founder of Great Wrap Julia Kay said, “As a founder, capital raising is one of the most stressful things you will do. Working with the HSF team takes any additional pressure out of the process. The team are experts at what they do, and we wouldn’t trust anyone else with the process.”
This deal is another example of Herbert Smith Freehills’ market-leading work in Australian venture capital raisings. Other recent examples include:
- Infravision on A$36m Series A capital raise
- Carma on its US$52 million Series A capital raise
- Sonder on its A$35 million Series B capital raise
- Constantinople on its A$32 million Series Seed capital raise
- Mr Yum on its A$89 million Series A capital raise
- Linktree on its US$110 million capital raise in 2022 at a valuation of US$1.3 billion.
