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Grow Inc secures $25m capital raising

Global law firm King & Wood Mallesons has advised on Grow Inc’s $25 million Series B capital raising.

user iconEmma Musgrave 30 June 2021 Big Law
Anthony Boogert
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Firm: King & Wood Mallesons (Grow Inc).

Deal: Grow Inc has completed a Series B capital raising.

Value: $25 million.


Area: Finance, corporate.

Key players: The King & Wood Mallesons team was led by senior associate Anthony Boogert. Partner Nicole Heller and solicitor Daniela Lai provided strategic advice on the strategic development agreement with the ASX, “under which Grow will develop new infrastructure for the administration of superannuation funds and engage in other collaborative activities with the ASX”.

Deal significance: The Series B capital raising enables Grow Inc to accelerate development of its flagship high-security distributed ledger funds administration platform,” a statement from King & Wood Mallesons said.

Grow Inc’s DLTA platform uses distributed ledger technology – commonly known as the blockchain – to improve security compared to other administration platforms. Grow Inc, founded in 2017 has recently been 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 leading Australian venture capital fund, AirTree Ventures, and also involves a strategic investment from ASX Limited. In addition, Grow issued a series of convertible notes in 2020, which will convert into the Series B Preference Shares offered in the funding round provided certain conditions are met.”

Commenting further, senior associate Mr Boogert said: “KWM understands fintech companies, and why Grow Inc’s technology is a game-changing innovation for this market.

We’re really excited to be working with companies that are fundamentally changing financial services markets.”

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