Legal tech startup Lexoo has raised $400k to continue developing its lawyer comparison platform.
The London-based startup lets users get multiple quotes for their work from a curated group of lawyers. Lexoo claims to save businesses an average of 46% on their legal fees by only working with lawyers with low overheads.
The investment comes from Forward Partners and chairman of JustGiving Jonathan McKay. Forward Partners is a London-based early-stage ‘startup catalyst’ that have previously funded the likes of Hailo, Zopa, and Big Health.
Giant global market
Lexoo launched in July 2014 and CEO Daniel van Binsbergen says the startup is one of the few tackling the legal market in the UK, giving them a headstart in a massive market.
“On a global scale, legal startups attracted some $750m in funding over 2013/14,” he explains.
“They’re aiming at a £716bn global market – the opportunities are everywhere.”
The company’s business model is a simple one. They don’t charge the users but instead take a small fee from every completed business transaction between the lawyers and the users.