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Mx51 advised on $32.5m Series B capital raise
HWL Ebsworth advised fintech start-up mx51 on a $32.5 million Series B capital raise that saw investment from prominent banks after the company’s valuation tripled in under a year.
Jess Feyder
Firm: HWL Ebsworth (mx51)
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Deal: Mx51 was advised on its Series B capital raise of $32.5 million.
Value: $32.5 million
Area: Corporate
Key players: The HWL Ebsworth deal team was led by Sam Dwyer and Kenneth Lee, with assistance from Yi Tung. Johnny Ho advised on tax aspects, and Jason O’Connell and Scott La Rocca assisted with intellectual property aspects.
Deal significance: Despite the turbulent tech market environment, mx51’s valuation has quadrupled from a pre-money Series A valuation of $44.7 million in August 2021 to a post-money Series B valuation of $167.5 million in July 2022.
The lead investor was a Europe-headquartered global fintech-focused venture capital fund, along with investors: Mastercard, Acorn Capital, Artesian, Rampersand, and Commencer Capital (formerly Investec).
Victor Zheng, chief executive of mx51, said: “I think this demonstrates that even in a tough market, companies with strong fundamentals and unique business models can still thrive.
“Many of our existing investors who contributed to this round actually commended us on the process, which was heartening.”
HWL Ebsworth also acted for mx51 in its spin-out and restructure from PromisePay in 2020 and its Mastercard-led $25 million Series A capital raise in 2021.
