Global law firm Herbert Smith Freehills has advised Carma on its multimillion-dollar Series A capital raise.
Firm: Herbert Smith Freehills (Carma)
Deal: Carma has been advised on its Series A capital raise. The round was led by General Catalyst and Tiger Global.
Value: US$52 million
Area: Venture capital
Key players: The Herbert Smith Freehills team was led by partner and head of venture capital Peter Dunne, co-head of venture capital (Australia) Elizabeth Henderson, senior associate Thomas Kelly and solicitor Roy Carbone, with support from solicitor Shonie Kaushik and graduate Jane Wang. The team also worked with associated tax practice Greenwoods & Herbert Smith Freehills, led by partner Toby Eggleston.
Deal significance: According to a statement from Herbert Smith Freehills, Carma is an Australian company that provides a fully digital online used car platform.
The company offers a large range of quality pre-owned vehicles at fixed prices, delivered to the home. The quality of each vehicle is assured via an in-house inspection and reconditioning process, warranties, and a seven-day returns policy. Customers can checkout online in under 10 minutes, with integrated financing, the firm added, noting that the new capital will be employed to fund the continued growth and expansion of the company.
“It’s been a pleasure working with the team at Carma again on another successful raise, which follows the US$20 million Series Seed in March 2021,” said Mr Dunne.
Commenting further, Lachlan MacGregor, Carma co-founder and chief executive, said: “The Herbert Smith Freehills venture capital team provided invaluable advice to Carma during our Series A funding round.
“The capital and support from investors will allow us to accelerate our expansion interstate and continue to develop our platform, transforming the way Australians buy cars.”