Legaltech company PocketLaw recently confirmed that it has finalized a €10 million Series A round that was led by European venture capital firm, Atomico.
Targeting legal services for small and medium-sized firms, PocketLaw’s (software-as-a-service) SaaS platform provides contract creation, legal discovery, execution, storage, and various other management tools.
The company reportedly works with various startups across Europe including Voi, Livi, Juni and Estrid.
As noted in the update, the investment round includes contributions from well-known entrepreneurs and operators such as Pleo co-founder Jeppe Rindom, Gloria Baeuerlein, Personio co-founder Hanno Renner and COO Jonas Rieke, Pitch founder Christian Reber, and the dbt Labs board member and former Gainsight COO, Allison Pickens.
As mentioned in the announcement, Atomico partner Ben Blume will now be joining the board as part of the investment deal, with the capital raise bringing PocketLaw’s total funding to €14 million since its inception back in 2018.
Blume remarked:
“This is the first time we have seen a tool really designed with the needs of business owners in mind, empowering them with access to everything they need in one place, in a world where most teams are still forced to buy multiple fragmented solutions, work in silos, or pay high legal fees to outside experts.”
Blume added:
“Kira and Olga have built an amazing team at PocketLaw, bringing world class commercial, legal and technical experience from Slack, LinkedIn, Google, Zalando, KRY, Spotify, Acast, Mannheimer Swartling and Hogan Lovells. They are all aligned around the belief that businesses can alleviate huge burdens by making everyday legal more intuitive and efficient – lessening cost, risk, and wasted time in the process.”
PocketLaw CEO and co-founder Kira Unger said:
“The majority of day-to-day legal work is simple, recurring tasks – despite this businesses currently spend an endless amount of time and resources handling contracts manually and inexpertly, and spend a considerable sum of money soliciting professional legal advice. Using technology to build scalable, user-friendly tools is the only way companies will be able to maintain speed whilst keeping up with an increasingly complex regulatory landscape. We estimate that our customers save up to fourteen working weeks and up to $200,000 in legal fees a year by using our intuitive, tech-enabled solutions.”
