HSF advises Dovetail Research on US$63 million fundraising

Dovetail Research is an Australian company that helps organizations store, analyze and collaborate on user research in one place, making it easy to see patterns, discover insights and decide what to do next. Over 45,000 researchers, designers, and product managers use Dovetail worldwide at major organizations like Atlassian, VMware, Shopify, Arm, Sketch, Datadog, Twitch, Harvard University, Twilio, and more.

This new capital will be used to fund the rapid and continued growth and expansion of the business.

The Herbert Smith Freehills team was led by partner Peter Dunne, co-head of venture capital (Australia) Claire Thompson and solicitor Mapa Madhawa.

Claire Thompson said: “Dovetail is one of Australia’s fastest growing startups and is revolutionizing the way organizations conduct user research. We were delighted to work with Kanav and Dovetail co-founders Benjamin and Bradley on this transaction, which marks another significant milestone for the company.

Dovetail CEO and Co-Founder Benjamin Humphrey said, “I’m proud to say that Dovetail is becoming a staple for many organizations. With insights created on our platform, teams can quickly make good decisions based on everything they know about their customers. However, we have only scratched the surface. There are many other opportunities to meet unmet needs in this space. With Accel’s partnership and this new capital, I’m excited to continue to grow our team to create new features and launch new products.

This deal is another example of Herbert Smith Freehills market leading work in Australian venture capital raisings. Other recent examples include:

  • Linktree in its US$10.7 million Series A and US$45 million Series B fundraisings;
  • King River Capital for its investment in Lexer’s A$33.5 million Series B capital raise;
  • Grok Ventures for its investment in Brighte’s AU$100 million Series C capital raise;
  • Kasada for its A$15 million Series B capital raise;
  • SafetyCulture in its A$60.5 million Series C capital raise and secondary sale;
  • Mr. Yum for his A$89 million Series A capital raise and A$11 million post-seed capital raise;
  • Culture Amp for its A$120 million Series E capital raise; and
  • fundraisers for Verteva (Nano Home Loans), Sonder, Gilmour Space, Nura, Roborigger, Reejig, Elenium Automation, Campaign Monitor, Tyro Payments, Different, Shore Trade, Buckitdream and others.
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