Herbert Smith Freehills advises Great Wrap on its Series A capital raise
Herbert Smith Freehills advises Great Wrap on its Series A capital raise
The company will fully commercialize its home compostable cling wrap, catering wrap, and pallet wrap products
Herbert Smith Freehills (HSF) has advised Great Wrap on its A$11 million equity raise, which in conjunction with A$13 million of the asset-backed finance culminated in a Series A funding round of A$24 million.
The deal is another example of HSFs market-leading work in Australian venture capital raisings.
The round saw investments from Woolworths' venture capital and innovation fund W23, Thomas Trading, Grill'd Innovation Fund, Giant Leap, Small Giants, Thai Wah Ventures, GroundSwell, Trail Mix Ventures, Springbank Collective and various other impact investors from Australia, the United States and Singapore.
Great Wrap is an Australian materials science company that produces compostable stretch wrap from food waste for home and commercial use. It aims to reduce the impact of plastic waste on the environment.
The new capital will enable it to fully commercialize its home compostable cling wrap, catering wrap and pallet wrap products. The company will manufacture 30,000 tonnes of the compostable stretch wrap by the end of 2023 to become Australia's largest stretch wrap manufacturer.
The HSF team was led by Co-Head of Venture Capital (Australia) Elizabeth Henderson, senior associate Joseph McCarthy and solicitor Roy Carbone with support from Partner and Head of Venture Capital, Peter Dunne.
Roy Carbone stated, "It was wonderful to work with the Great Wrap team on this capital raise which follows its A$3 million Seed raise in July 2021. We are excited to see the company reach this milestone and look forward to hearing of its further success as it enters the next stage in its growth."
