Deal: Herbert Smith Freehills’ venture capital team has advised Style Arcade on its approximate $8 million Series A capital raise. The round was led by Acadian Software.

This new capital, the firm said in a statement, will be employed to fund the continued rapid growth and expansion of the company.

Area: Capital markets

Value: Approximately $8 million

Key players: The HSF team was led by co-head of venture capital in Australia, Elizabeth Henderson, and solicitor Taseen Rafi, with support from partners Toby Eggleston and Christine Wong and senior associate Owen Lunney.

Deal significance: Speaking about the deal, Ms Henderson said: “It’s a ringing endorsement of Style Arcade, its founders, and its technology offering to have its Series A investment round led by Acadian Software, whose investment focus is in SaaS businesses with proven technology and strong fundamentals.

“Herbert Smith Freehills very much enjoyed working with Style Arcade over this and previous raises and watching the business grow from strength to strength.”

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Mr Rafi added: “It was wonderful working with Michaela and Tristan, who have developed a great SaaS solution for an exciting sector. With the help of Acadian Software’s experience and expertise, we expect big things in coming years from Style Arcade.”

Style Arcade chief executive and co-founder Michaela Wessels noted: “This is the second capital raise we have completed with HSF representing us. The calibre of the team and the confidence with which they execute and advise is unmatched. Elizabeth and Taseen, thank you both for being so incredibly responsive, knowledgeable, and also a great deal of fun to work with!”