Global law firm K&L Gates has advised Australian venture capital firm Square Peg, as lead investor, on Airwallex's US$300 million Series F capital raise, which valued Airwallex at US$6.2 billion. Existing shareholders Lone Pine Capital, Tencent, DST Global, among others, and new investors Blackbird Ventures, Airtree Ventures, Radar Ventures, R136 Ventures, and Athletic Ventures also participated in this fundraising round.
Airwallex is a global fintech company that provides financial services, particularly focused on simplifying cross-border payments for businesses. Square Peg has made multiple investments in Airwallex dating back to 2017.
The Corporate team was led by Sydney partners Daniel Atkin and Simon Leslie, with support from senior associate Emanuel Penklis. Melbourne partner Daniel Knight advised on the regulatory aspects. Partners from the firm's San Francisco and New York offices provided advice on US securities law aspects of the transaction. Lawyers from the Hong Kong office advised on certain corporate issues.
Square Peg is a long-term client of the firm, with K&L Gates having acted on a range of venture capital investments for Square Peg, both domestically and internationally.
Atkin stated: "This will be one of Australia's largest capital raises this year. We are proud to have acted for Square Peg as the lead investor and wish Airwallex great success as it continues to grow its business."
K&L Gates' Emerging Growth and Venture Capital practice is one of the most active in Australia, advising on venture capital investments in excess of AU$1 billion in 2024. The global practice represents emerging companies, venture funds, corporate investors, and individuals in connection with their investments in start-up and early stage emerging growth companies. This includes, among other areas, fund establishment, venture capital financing, acquisitions and disposals of portfolio companies, recapitalizations, restructurings, and liquidity and realization events, including IPOs.