The milestone capital raising comes as the firm prepares to celebrate its third anniversary
Quantum Law Group has raised $1.71m in an investment round that managing partner Zile Yu has described as a “milestone.”
The firm confirmed that it had reached an agreement in principle with a group of Australia- and Singapore-based investors. The raising will consist of “a convertible note (unsecured loan) and will be convertible to equity at the end of the loan at an agreed rate of 10.55% of the entire business, subject to certain milestones being met throughout the duration of the loan,” Yu said.
The investment will be utilised to grow Quantum Law Group and its legal solutions business Quantum Cover. Last year, the firm received pre-approval from NAB for a loan of about $700,000.
“All of this provides access to capital of $2.41m for our firm. We have been laying the foundations of the firm for the last tw years and we hope that we will be ready to start scaling the firm in the next 12-24 months,” Yu said.
“We are also excited to partner up with very supportive investors who have shared our journey and are also strategically located in Singapore, where we hope to expand into.”
The investment comes as Quantum Law Group prepares for its third anniversary next month. Yu explained that the firm was focused on planning for the long-term future.
“We are very excited to reach this milestone and our approach to date in expanding the firm using cash flow has been a slow and methodical process of carefully deploying capital, which we will continue to do,” he said.
Last year, Quantum Law Group was named among Australasian Lawyer’s 2021 Top Boutique Firms. The firm was also among the Excellence Awardees at this year’s Australasian Law Awards and one of the inaugural Service Provider Awardees.
