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Melbourne-based start-up moves into US market

Coghlan Duffy + Co has assisted Drawboard, a Melbourne-based start-up, to secure a $9 million capital raise to facilitate its growth into the US.

April 03, 2020 By Naomi Neilson
Coghlan Duffy + Co
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Firm: Coghlan Duffy + Co (Drawboard)

Deal: Drawboard has achieved a $9 million capital raise to facilitate its growth and expansion plans in the US. The investment round was led by VC fund, Blackhorn Ventures and was supported by TEN13.  

Value: $9 million.

Area: Finance.

Key players: The team was led by director John Coghlan, with assistance from senior associate Zain Kazi and lawyer Carolin Darmanin.

Deal significance: Drawboard’s vision is to replace pen and paper, reduce waste and encourage sustainability. It has more than 1 million global users and clients utilising two software products.

Speaking on the raise, Mr Coghlan said it was a “significant and exciting step in Drawboard’s evolution” as the business looks to move more into the US market.

“We have had the pleasure of acting for Drawboard for nearly six years and, in that time, witnessed first-hand their dedication to creating incredible software. It is no surprise that they continue to grow from strength to strength,” he said.

Naomi Neilson

Naomi Neilson is a senior journalist with a focus on court reporting for Lawyers Weekly. 

You can email Naomi at: This email address is being protected from spambots. You need JavaScript enabled to view it.

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