Media Release | 24 June 2022
Hall & Wilcox has advised Lumi Interactive, an Australian female-founded team of game developers, on its US$6.75 million (approximately A$9.76 million) series seed priced equity capital raise round.
Lumi Interactive is developing a series of wellbeing games to promote mental health, primarily aimed at Gen Z and millennial women.
The lead investor is US-based VC firm Andreesen Horowitz, with 1Up Ventures, Galileo Ventures, Heracles Capital and Emily Greer (Double Loop Games) also subscribing for shares in this round.
Hall & Wilcox prepared the transaction documents and advised Lumi Interactive during the capital raising process.
The co-founders of Lumi, Christina Chen and Lauren Clinnick, said, ‘We've had a wonderful experience with Hall & Wilcox, and would wholeheartedly recommend them to other founders. So much of this experience was new for us, and made much smoother with the support of their team. In particular, being able to contact the team with any kind of question was so appreciated through the process.’
James Morvell said, ‘We are excited to have assisted a client in the gaming development sector, with a product aimed at improving mental health outcomes. In particular, this is an Australian female-founded start-up receiving investment from large venture capital investors in the US.’
The funds raised in this round will go towards the development of Kinder World, which focuses on players’ mindfulness through the act of caring for virtual plants.
In addition to complementing Hall & Wilcox’s focus on startups, this transaction was an excellent opportunity to deepen its technology M&A expertise in the gaming industry.
Hall & Wilcox is a leading independent law firm of more than 950 people, including over 100 partners. We service corporate, public sector and private clients, both Australian-based and those offshore doing business in Australia.
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