Herbert Smith Freehills advises Primary on A$3.5 million Series Seed

Herbert Smith Freehills’ Venture Capital team has advised Primary Technology (Primary) on its A$3.5 million Series Seed capital raise led by Carthona Capital.

Also participating in the round was No Brand and Resolution Ventures, as well as existing investors AfterWork Ventures, Archangel Ventures and Macdoch Ventures.

Primary offers a treasury management platform for venture-backed scaleups and growth companies, providing integrated solutions for effective management of cash reserves suited to their clients’ liquidity needs. The platform allows businesses to access better yields from financial institutions, allowing them to best utilise their deposits and maximise their runway.

This new capital will be employed to fund the continued rapid growth and expansion of the company as it targets A$1 billion in funds under administration in the next two years.

The Herbert Smith Freehills team was led by partner and Co-Head of Venture Capital (Australia) Claire Thompson, senior associate Adam Ong, and solicitor Darcy James.

Claire Thompson said, “It has been incredible working with Ben, Finn and the Primary team on their first institutional raise. All startups and scaleups should be using Primary to get better returns on the money they raise!”

Founder of Primary Ben Buckingham said, “It was a pleasure working with Claire, Adam and Darcy on our Seed round. Their deep understanding of venture deals made closing the round far quicker and easier.”

This deal is another example of Herbert Smith Freehills’ market-leading work in Australian venture capital raisings. Other recent examples include:

• SafetyCulture on numerous capital raising including its recent A$165 million Series C3 funding round led by AirTree Ventures.
• Deputy on its US$25M Series A capital raising from US based OpenView Venture Partners, its A$111M Series B capital raising and its 2024 strategic investments from Xero and Express Employment Professionals.
• Constantinople on its A$50 million Series A capital raise lead by Prosus Ventures and its A$32 million Series Seed capital raise led by Square Peg.
• Brainfish on its A$3.85 million Series Seed capital raise led by Peak XV Partners.