Herbert Smith Freehills’ private equity and venture capital team has advised CTC Ledger Pty Ltd (CryptoTaxCalculator) on its A$4 million Series Seed capital raise led by AirTree Ventures 2019 Partnership, LP, with significant participation from US crypto giant Coinbase Ventures.
CryptoTaxCalculator is an Australian technology company that collates data from hundreds of major crypto exchanges, blockchains and decentralised finance (DeFi) services and generates a report compatible with a range of different tax jurisdictions. This new capital will be employed to fund the development and growth of the company by further scaling the reach of its platform and incorporating new plug-ins for the platform.
The Herbert Smith Freehills team was led by Co-Head of Venture Capital Claire Thompson and solicitor Adam Ong, with ongoing support from partner Adam Charles, and solicitors Esther Adeyinka and Mapa Madhawa.
Claire Thompson said, “We have been delighted to have assisted CryptoTaxCalculator, on their first capital raise. This raise highlights the exciting growth of early-stage companies that assist in web3 products and crypto assets. Working on seed stage raises provides a fantastic opportunity to closely connect with founders and ensure that they have strong support to help build their businesses.”
Co-Founder of CryptoTaxCalculator Shane Brunette said, “Our first capital raise seemed daunting, but the team at Herbert Smith Freehills went above and beyond to guide us through the process. With years of experience advising tech startups on fundraising, we were immediately confident in their ability to help negotiate the best outcomes for our business. Having the professional support of HSF allowed us to focus on growth and not be distracted by the raise.”
This deal is another example of Herbert Smith Freehills’ market-leading work in Australian venture capital raisings. Other recent examples include:
- SafetyCulture on its A$90 million Series C2 apital raise
- Mr Yum’s A$89 million Series A capital raise
- Dovetail on its A$52 million Series A capital raise
- Culture Amp on its A$120 million Series E capital raise and A$135 million Series F capital raise and secondary sale
- Linktree on its US$10.7 million Series A and US$45 million Series B capital raises