Global law firm King & Wood Mallesons has commented on Grow Inc.’s $ 25 million Series B fundraiser.
Solidify: King & Wood Mallesons (Grow Inc).
OK: Grow Inc completed a Series B fundraiser.
Value: $ 25 million.
Zoned: Finance, business.
Key players: The King & Wood Mallesons team was led by Anthony Boogert, Senior Partner. Partner Nicole Heller and lawyer Daniela Lai provided strategic advice on the strategic development agreement with ASX, “under which Grow will develop a new infrastructure for the administration of pension funds and engage in other collaborative activities with ASX ”.
Importance of the transaction: Series B fundraising enables Grow Inc “to accelerate the development of its flagship, high-security distributed ledger fund administration platform, ”said a statement from King & Wood Mallesons.
“Grow Inc’s LTAD platform uses distributed ledger technology – commonly known as blockchain – to improve security over other administration platforms. Grow Inc, founded in 2017, was recently 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 Australia’s leading venture capital fund, AirTree Ventures, and also involves strategic investment from ASX Limited. In addition, Grow has issued a series of convertible notes in 2020, which will convert into Series B preferred shares offered as part of the funding cycle provided certain conditions are met. “
Commenting further, Mr. Boogert, Senior Partner, said, “KWM understands fintech companies and why Grow Inc’s technology is a revolutionary innovation for this market.
“We are truly excited to be working with companies that are fundamentally changing the financial services markets.