LegalTech startup Libryo has raised $1m (£748,000) in Seed funding, bringing its total raised to date to $1.2m (£897,000).
The startup received funds from early-stage investor Seedcamp – through its partnership with Nextlaw Labs – alongside Innogy, Force Over Mass and several angel investors.
Founded in London, but with a presence in South Africa, Libryo will use the cash to hire, develop its products and grow the business into new markets.
“At Libryo we serve customers across many countries by providing certainty and comfort, through our process of providing the right regulatory information for them, at the right time. For Lawyers, we’re helping to alleviate some of the legal research work, which their clients are often unwilling to pay for, so that they can focus on adding premium value to their clients in other areas,” Peter Flynn, co-founder and CEO of Libryo.
Flynn went on to note that he was seeing a “huge appetite” for his firm’s services across Africa.
“[We] are at a key moment for our business as we look to expand our offering even further across the world and into other legal domains.”
Trouva hires new chair ready for scaling up
The firm was also co-founded by chief legal officer Garth Watson and chief customer officer Malcolm Gray. Its customers include listed firms across the telecoms, energy, infrastructure, mining and gas industries.
Libryo says it generated £150,000 in revenue during its first year and has ambitions to hit £2.5m in the next 18-24 months.
Tom Wilson, investment manager at Seedcamp and one of UKTN’s elite judges at Elevator Pitch LIVE 2017, commented: “We’ve been really impressed with the Libryo team since our initial investment and are delighted to be following on in this round.
“We see a real demand in the market for their product as evidenced by their strong traction to date across a number of jurisdictions. We’re excited to see the team take the business forward and are confident in their ability to execute on their vision.”
Check out our UK tech investment tracker for the latest industry deals.