Legal tech startup Summize has secured a £5m Series A investment from YFM Equity Partners and Maven Capital Partners.
Founded in 2018 by Tom Dunlop and David Smith, Summize’s ‘contact lifecycle management’ software creates and reviews legal contracts. The company claims it can shorten contract lifecycles for businesses by automating steps in the process. Its software also scans contracts to spot legal risks and presents them as a summary
Tom Dunlop, CEO and co-founder of Summize, said: “Digitalising the end-to-end contract lifecycle and integrating directly within the interface of Teams and Slack brings the in-house legal department up-to-speed with its more digitally advanced counterparts in finance, HR or sales.”
The Manchester-based startup will use the new funding to boost software development, as well as to increase its user base within the US.
Summize counts Fujifilm, Everton Football Club, Moonpig, Vodafone and Modern Milkman among its more than 100 customers.
“They have developed a really effective solution to helping drive legal departments and processes on the digital journey, and one which is attractive to users as it operates as an extension of existing ways of working,” said Mike Clarke, investment partner, YFM Equity Partners.
“Summize also benefits from having a very experienced senior management team for this stage of the business, and a clear vision of where they are going,” added Clarke.
The contract lifecycle management software industry was valued at $1.7bn (£1.5bn) in 2021 by consultancy firm imarc group.