The UK continues to be a leading epicentre for lawtech startups. In 2020, approximately 200 lawtech startups in the UK secured £674M (€788.83M) in investments. This financial influx is projected to soar to £2.2B (€2.57B) in annual investment by 2026.
Recognising the strategic importance of lawtech, the Ministry of Justice has identified it as an opportunity to further enhance the UK’s competitive edge in both the legal and tech industries. Law firms are actively participating in this trend, with some establishing incubator tech hubs and others forming partnerships with software developers to make tailor-made products.
As the UK legal services market witnesses growth and transformation, a new wave of startups is emerging to transform the way legal services are accessed, delivered, and managed. Here, we spotlight some of the top lawtech startups making waves in the UK.
Patsnap
Founder(s): Jeff Tiong
Founded Year: 2007
Funding: $351.6M
Hiring: Yes, check out the job opportunities here
Founded in 2007, Patsnap is a leading player in lawtech. The company uses AI and machine learning to analyse intellectual property (IP) data and offers insights into various aspects such as patent expiration dates, licensing agreements, and litigation details.
Patsnap has received $351.6M (€320M) across six fundraising rounds. In the most recent funding round held in March 2021, the company attracted significant investors, including SoftBank’s Vision Fund II and Tencent as lead contributors.
The Series E round reached $300M (€273M), with support from CITIC Industrial Fund, part of the Chinese conglomerate CITIC Group, Sequoia China, Xiaomi founder Lei Jun’s Shunwei Capital, Vertex Growth, and Vertex Ventures Southeast Asia & India.
Aside from receiving equity investments, the company’s geographic footprint has also expanded, with operations now spanning nine locations across Asia, Europe, and America.
Clarilis
Founder(s): James Quinn, Kevin Quinn
Founded Year: 2011
Funding: £9.1M
Hiring: Yes, check out the job opportunities here
Clarilis operates a software platform designed to automate legal document processes extensively, thereby enhancing the efficiency of contract drafting.
This technology is used not only in the legal sector but also in work programmes within banking and finance, as well as real estate. Some of Clarilis’ notable clients include PwC, Travers Smith, and the National Grid.
In 2018, Clarilis secured £9.1M (€10.6M) in funding across two rounds. Noteworthy investors in Clarilis include Gresham House Ventures, NVM Private Equity, and Northern VCT. The company also participated in the Slaughter and May Collaborate accelerator in 2019 and attained a 20 per cent scale-up status.
Farewill
Founder(s): Dan Garrett
Founded Year: 2015
Funding: £31.1M
Hiring: Yes, check out the job opportunities here
Farewill is an online platform specialising in will-writing and providing assistance with probate applications by integrating technology with legal services. By using digital tools, the platform aims to simplify the process of dealing with death.
Over seven rounds, Farewill has secured £31.1M (€36.3M) in equity funding, with its largest funding round of €22.1M achieved in 2020. Noteworthy investors in the company include Augmentum Fintech, Crowdcube, Highland Europe, JamJar Investments, and Kindred Capital VC.
Farewill has been recognised in five high-growth lists, including The FinTech50 in 2019, London Tech 50 in 2020, and Lazard T100 European Venture Growth Index in 2021. The company also participated in the Upscale accelerator managed by Tech Nation in 2020.
Juro
Founder(s): Richard Mabey, Pavel Kovalevich
Founded Year: 2015
Funding: $31M
Hiring: Yes, check out the job opportunities here
Juro is a contract platform designed to streamline and simplify the contract process through automation.
It offers a legal solution that assists businesses and solicitors in saving time on various contract-related tasks including negotiation, tracking, approval, signing, and storage. Among its clientele are Deliveroo, Trustpilot, and AngelList.
Juro has participated in notable accelerators such as Seedcamp in 2016 and the Mayor’s International Business Programme accelerator. The company has experienced growth through equity funding, accumulating $31M (€28M) across five rounds.
In its latest fundraising round in January 2022, Juro secured $23M (€20.1M) for its browser-based contract automation platform and facilitating expansion efforts in the US and Europe. Notable investors in this round include Point Nine Capital, Seedcamp, Union Square Ventures, and angel investors, along with Eight Roads Venture making its first investment in the company.
Legl
Founder(s): Julia Salasky
Founded Year: 2015
Funding: £21.6M
Hiring: Yes, check out the job opportunities here
Legl aims to drive the digital transformation of the UK legal sector by digitising and automating operational tasks. Its platform offers solutions across three primary areas, including payments, risk and compliance, and client onboarding.
Legl has secured £21.6M (€25M) in equity investment through four funding rounds. In its latest equity round in May 2022, Legl raised £14.6M (€17M) to expand into international markets, bolster hiring efforts, and enhance workflows.
Octopus Ventures contributed a follow-on investment of £2.69M (€3.15M) in this round. Other noteworthy investors in the company include Backed VC, Samaipata Ventures, Venrock, and First Round Capital.
Previously, the company successfully secured $23M (around €20.15M) in its Series B funding round in January 2022. Prior to that, it raised $5M (€4.4M) in a Series A round in January 2020.
ThoughtRiver
Founder(s): Dominic Hudson, Tim Pullan
Founded Year: 2016
Funding: £12.0M
Hiring: No
ThoughtRiver is a spin-off from the law firm Taylor Vinters, which merged with Mishcon de Reya LLP last year. The company specialises in the development of contract-checking software, namely Contract Acceleration Platform (CAP).
The platform is designed to review contracts, identify any legal issues and provide space for negotiations. Notable clients of the company include Deloitte, Shoosmiths, and G4S.
ThoughtRiver has raised $15M (€13.7M) in funding over three rounds. Their latest funding was raised in September 2020 from a Series A round, totalling $10M (€9.1M).
Investors in the company include Crane Ventures, LocalGlobe, and Octopus Ventures. ThoughtRiver has also received two Innovate UK grants totalling £522,000 (€609,540) and participated in the Upscale accelerator programme.
Thirdfort
Founder(s): Olly Thornton-Berry, Jack Bidgood
Founded Year: 2017
Funding: £19.5M
Hiring: Yes, check out the job opportunities here
Thirdfort has developed a software platform dedicated to automating ID and document verification, anti-money laundering (AML), and Source of Funds (SoF) checks. The company’s goal is to safeguard significant transactions, ensure compliance, and streamline processes.
Shortly after its establishment, the company joined two accelerators in 2018 — MDR LAB and Geovation PropTech Programme. Subsequently, Thirdfort secured £19.5M (€22.8M) through nine equity fundraising rounds and received £337,000 (€393,090) across three grants, all from Innovate UK.
Noteworthy investors in the company include Element Ventures, Future Fund, Breega Capital, Chestertons, Grosvenor Hill Ventures, Pepper Advantage, and Knight Frank.
Read the orginal article: https://siliconcanals.com/news/startups/7-promising-uk-lawtech-startups/