Herbert Smith Freehills (HSF) has helped ensure that one of the largest capital raisings undertaken for an Australian company this year succeeded, earning it high praise from its client’s general counsel.
The global firm advised Culture Amp on its US$82m Series E capital raise, in which world-renowned investors participated. HSF said that the round was led by Sequoia Capital China. The tranche’s co-investors include Global Founders Capital and TDM Asset Management, while follow-on investors included Blackbird Ventures, Index Ventures, and Silicon Valley-based funds Sapphire Ventures and Felicis Ventures.
Peter Dunne, partner and head of venture capital at HSF, led the firm’s team. He was supported by solicitor Myra Beal.
"Peter Dunne, Myra Beal and the team at HSF are renowned in the industry as tech start-up experts. This is absolutely true,” said Sarah Tinsley, Culture Amp general counsel. “We greatly value the relationship and expertise and, more importantly, the cultural alignment between HSF and Culture Amp. It means we can get complex work done quickly and achieve great results whilst having fun and learning as a team, which is ideal for us and greatly appreciated.”
Dunne said that HSF started working with Culture Amp “when it was just the founders.” HSF has acted on Culture Amp’s Series A, Series B, Series C, and Series D raisings.
“It has been great to have assisted the Company at every step of its journey. This was a complicated transaction with a number of cross-border issues. Sarah Tinsley and her team did a brilliant job. We look forward to the next stage of Culture Amp’s journey,” Dunne said.
HSF said that the company will use the proceeds to fund “continued rapid growth” and “potential future expansions.” The start-up makes technologies that help clients such as Airbnb, Disney, Nike, and McDonalds understand employee motivations and satisfaction to ultimately build a positive workplace culture.