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SunDrive completes $8m Series A funding round
Solar cell start-up SunDrive has been advised on a funding round, comprising investments from venture capital firms and a grant.
Reporter
Firm: LegalVision (SunDrive).
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Deal: Sundrive has been advised by LegalVision on an $8 million Series A funding round. The deal combines $5 million from Blackbird Ventures and Grok Ventures (among others) with $3 million via a grant from the Australian Renewable Energy Agency (ARENA).
Value: $8 million.
Area: Capital markets.
Key players: The LegalVision team comprised practice leader Jill McKnight, lawyer Sophie Mao and senior lawyer Adeline Brosnan. The firm advised on all legal aspects of the investment, from drafting and negotiation to closing the round.
Deal significance: According to Ms McKnight, Australia is a “world leader in solar innovation, and it’s great to see SunDrive at the forefront of this research and development. It was fantastic to work with Vince and David on another round, and they undoubtedly have a very bright future ahead of them”.
Sundrive chief executive Vince Allen added: “This funding supercharges our plans to build the world’s most efficient commercial solar cell.”
“It was a pleasure to work with Jill, Sophie and Adeline. We’ve worked with LegalVision since our seed round and we could not have closed this Series A without them. Thanks to their work, we can power ahead and ensure solar remains the fastest-growing energy source.”
