Apperio, a provider of legal spend analytics and matter-tracking software, has raised $7 million in a funding round led by VC Molten Ventures. Total funding for Apperio now stands at $19.9 million.
Other investors in the round include Notion Capital, IQ Capital, Nextlaw Ventures, Volution, and Hambro Perks, who provided venture debt.
Both Volution and Hambro Perks are new investors included in this round.
Apperio is expected to use the funding to develop its product for corporate counsel further and meet the demand for new functionality from law firms. Apperio will also accelerate its expansion to the US market.
Apperio provides in-house counsel with a comprehensive view of its legal spending on a single dashboard. Its spend management platform aggregates and analyses both historical and current legal spending, including law firm work-in-progress (WIP) / accruals, and provides streamlined invoice approval workflow. The software does this by connecting directly to the practice management systems of law firms.
Apperio states that the product quickly drew interest from in-house lawyers working in private equity ranging from boutique PE firms to larger global entities. It has also gained traction among the broader legal market and reports more than 60 corporate counsel customers today.
Today, there are more than 250 global law firms connected to the Apperio platform.
Richard Marsh, Chief Portfolio Officer at Molten Ventures, commented on the funding:
“Apperio has focussed impressively on where and how its technology delivers value to customers, and now, how to expand that. Over the past year, product development has expanded Apperio’s remit from legal expenditure into other major professional services relationships, including accounting and audit. This has significantly grown the value potential for customers and the globally addressable market for the company.”
Nicholas d’Adhemar, Chief Executive Officer, Apperio, said they are grateful for their investors who appreciate the enduring problem of transparency in the business of law.
“We’re looking forward to their continued collaboration in this next chapter as we build out our legal spend management software and strive to strengthen the relationship between corporate counsel and their law firms.”
