Street Talk

Grow Inc kicks off $60m Series D raise; Hitachi Ventures to anchor

Sarah Thompson, Kanika Sood and Emma Rapaport

Jul 7, 2024 – 8.13pm

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Fast-growing player Grow Inc has hit the ground for a fresh equity injection as it jostles to become the back-end administration provider of choice for Australia’s $3.9 trillion superannuation system.

The company, which caused a stir last year after it nabbed $84 billion super giant HESTA from rival Link Group and is backed by the likes of The Australian Securities Exchange and AirTree, is understood to have tapped Highbury Partners to kick off the $60 million capital raise as it seeks to scale the business and integrate its new big-name clients. King & Wood Mallesons is assisting on legals.

Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com

Kanika Sood is a journalist based in Sydney who writes for the Street Talk column. Email Kanika at kanika.sood@afr.com.au

Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review. Connect with Emma on Twitter. Email Emma at emma.rapaport@afr.com