Deal: Herbert Smith Freehills has advised Great Wrap on its $11 million equity raise, which, in conjunction with $13 million of asset-backed finance, has culminated in a Series A funding round of $24 million.

Value: $24 million

Area: Venture capital

Key players: The Herbert Smith Freehills team was led by co-head of venture capital (Australia) Elizabeth Henderson, senior associate Joseph McCarthy and solicitor Roy Carbone, with support from partner and head of venture capital Peter Dunne.

Deal significance: The round saw investments from Woolworths’ venture capital and innovation fund W23, Thomas Trading, Grill’d Innovation Fund, Giant Leap, Small Giants, Thai Wah Ventures, GroundSwell, Trail Mix Ventures, Springbank Collective and various other impact investors from Australia, the USA and Singapore.

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Great Wrap is an Australian materials science company that produces compostable stretch wrap from food waste for both home and commercial use, with the aim of reducing the impact of plastic waste on the environment. This funding round means that the company will be able to fully commercialise its home compostable cling wrap, catering wrap and wallet wrap products and has allowed the company to expand into a new manufacturing facility that will enable it to manufacture 30,000 tonnes of compostable stretch wrap by the end of 2023.

Commenting on the deal, the firm said: “It was wonderful to work with the Great Wrap team on this capital raise which follows its A$3 million seed raise in July 2021. We are excited to see the company reach this milestone and look forward to hearing of its further success as it enters the next stage in its growth.”