Herbert Smith Freehills Kramer advises OpenSolar on its US$20 million Series B capital raise

Herbert Smith Freehills Kramer’s (HSF Kramer) venture capital team has advised OpenSolar on its US$20 million Series B capital raise.

Leading technology investors including Google, Titanium Ventures and 2150 Sustainability Fund participated in the round together with other investors.

OpenSolar’s platform serves more than 25,000 solar installer businesses in over 160 countries, enabling the accurate and efficient delivery of solar energy solutions and workflow automation through AI technology and leveraging Google’s Solar API data. This new capital will fund the further development of OpenSolar’s AI technology solutions and its global expansion.

The HSF Kramer team was led by partner and Co-Head of Australia Venture & Growth Capital, Elizabeth Henderson, senior associate, Taseen Rafi and solicitor, Zoe Feldman with support from graduate, Melissa Chung and partner Abraham Reshtick, working across the firm’s Australian and US offices.

Elizabeth Henderson said, “Congratulations to OpenSolar and its founders, Birchy and Adam, on this significant achievement. The strong support from global technology investors for its latest Series B round is a reflection of OpenSolar’s dedication to innovation and sustainability that has seen the business reach ever greater heights.”

OpenSolar CEO and Co-founder Andrew Birch said, “We're pleased to continue our partnership with HSF Kramer with this transaction. Having the right advice and support lets us focus on supporting our users all over the world.”

This deal is another example of HSF Kramer’s market-leading work in Australian venture capital raisings. Other recent examples include:

• Firmus Grid on its pre-IPO A$330 million equity raising
• Brainfish on its $10 million pre-Series A capital raise
• Blinq on its US$25 million Series A capital raise
• WeMoney on its A$12 million Series A capital raise
• Constantinople on its A$50 million Series A capital raise and A$32 million Series Seed capital raise
• SafetyCulture on numerous capital raises and secondary sales including its A$165 million Series C3 capital raise
• Linktree on its US10.7M capital raise in 2020, its US$45M capital raise in 2021 and its US$110M capital raise in 2022 at a valuation of US$1.3B.
• Mr Yum on its A$89M Series A & A$11M post-Seed capital raises
• Slice on its A$7.5 million Series Seed capital raise led by Peak XV Partners and a A$10 million debt facility from Roadnight Capital
• Culture Amp on its A$120 million Series E capital raise and A$135 million Series F capital raise and secondary sale
• Who Gives A Crap on its A$41.5 Million Series A capital raise