Herbert Smith Freehills' Venture Capital team has advised OpenSolar on its USD$15 million Series B capital raise. The round was led by Telstra Ventures with participation by 2150.
This new capital will be employed to fund the continued rapid growth and expansion of the company.
OpenSolar is an Australian company that operates a world-leading solar design and proposal software that provides end to end digital design, sales and management software to solar professionals.
The Herbert Smith Freehills team was led by Co-Head of Venture Capital (Australia) Elizabeth Henderson, solicitor Taseen Rafi, and senior associate Wendy Tian, working together with partner Toby Eggleston, solicitor Emma McQuaid, and paralegal Zoe Feldman, with further support from partner and Co-Head of Venture Capital (Australia) Clayton James.
Elizabeth Henderson said, "OpenSolar is an incredible example of Australian talent gaining momentum and success on the global stage and the strong backing for its Series B raise is a testament to its achievements. Congratulations to OpenSolar's founders, Andrew "Birchy" Birch and Adam Pryor, on the raise and we thank them for enabling us to be part of the company's journey."
Taseen Rafi said, "We were delighted to support OpenSolar on this raise for the next phase of its growth. Congratulations to Birchy and team on the successful raise."
OpenSolar co-founder Andrew Birch said, "Our thanks to Elizabeth, Taseen and the HSF team for the extremely professional support and for the sage and timely advice throughout the process."
This deal is another example of Herbert Smith Freehills' market-leading work in Australian venture capital raisings for emerging tech companies in green energy and carbon reduction sectors. Other recent examples include:
- Greener on its A$4 million Series Seed capital raise led by NAB Ventures
- Who Gives A Crap on its A$41.5 Million Series A capital raise
- Great Wrap on its A$11 million equity raise as part of its A$24 million Series A funding round
- Grok Ventures on its investment in Brighte's A$100 million Series C capital raise
- Applied Electric Vehicles on its $21 million pre-IPO capital raising
- Carbon Revolution on its $73.4 million offer of pre-IPO convertible notes and $90.1 million IPO
- the investment in GreenCollar by KKR, the first in Australia for its US$1.3 billion Global Impact Fund
