The firm says that the $90m raise is the largest one supported completely by locals
LegalVision has guided Australian home loan provider Athena Home Loans through what it said is an “industry record” series D capital raising round.
The firm said that the $90m generated in this round “broke the record for the largest capital raise completed entirely by local backers.”
Square Peg Capital led the funding round. Participants included AirTree Ventures, AustralianSuper, Sunsuper, Hostplus, Salesforce Ventures, Macquarie Bank and Apex Capital.
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Established in 2017, Athena has recorded $2.5bn in settled loans since its inception. LegalVision said that the firm’s loan book has increased by 500% since its 2019 $70m series C funding round.
“Athena’s exponential growth in the local market shows just how hungry Australian consumers are for an alternative to the traditional banks. We have no doubt this startup will continue to shine,” said practice leader Jill McKnight.
McKnight led the LegalVision team on the transaction and was supported by lawyer Sophie Mao.
Athena CEO and co-founder Nathan Walsh said that it was “a very exciting time” for the company, as well as for aspiring homeowners in Australia.
“Our innovative approach, together with our proprietary mortgage platform, is providing real competition in the market, which in turn is benefiting consumers,” he said.
Walsh also praised the work done by LegalVision’s team.
“Jill and Sophie’s advice during this record-breaking round was invaluable. It’s the fifth capital raise we’ve done with LegalVision, and, as always, they made sure we closed the round extremely smoothly and on great terms,” Walsh said. “Their expertise in the venture capital space is second to none.”
McKnight said that it was “fantastic to see [Athena’s] mortgage offering validated by yet another hugely successful capital raise.”