Legaltech has transformed the way law professionals and attorneys work. Implementation of technology in the legal sector has brought forth better opportunities to streamline efficiency and meet clients’ demands. Numerous VCs are ready to fund startups after seeing the promising results in the legal tech space.
Secured £1 million funding
Legislate Technologies, an early-stage legal tech startup, is the latest one to get funded. Oxford-based company has secured a £1 million funding in a seed round led by Parkwalk Advisors along with Perivoli Innovations and private investors.
The funding will be used to accelerate the development of its platform and go to market in the UK.
Legislate is part of the growing ecosystem of Oxford startups and spin-outs that aims to solve the problem of simple legal documents, such as NDAs and tenancy agreements.
Founded by Charles Brecque, the UK company allows large landlords and small businesses to easily create, sign and manage contracts that are prudent and fair.
Knowledge graph technology
The company’s patent-pending knowledge graph enables it to streamline the process of creating contracts and aggregating contract data to quickly unlock valuable insights.
Further, large landlords can utilise Legislate to streamline the creation and management of tenancy agreements and aggregate rental statistics.
Currently, such data is often manually extracted from contracts and stored in legacy spreadsheets – a lengthy process that is open to an error claims company.
Commenting on the impact of the funding for the business, Charles Brecque, CEO and founder of Legislate Technologies, said: “This funding will help us accelerate product development and go to market in the UK. Since launching our closed-beta service in June 2020, we have organically doubled our user base every month. We now have more than 800 users, including a handful of early adopters of our paid subscription. Simple legal documents, such as NDAs and tenancy agreements, can be surprisingly frustrating and time-consuming to create, negotiate, and manage, wasting valuable time for landlords and small businesses who don’t have in-house or retained legal support. We saw an opportunity to apply knowledge graph technology to the problem and create a delightful, streamlined contracting experience.”
Alun Williams, Investment Director at Parkwalk Advisors, the leading investor in UK university spinouts, said: “Parkwalk are delighted to have invested in Legislate Technologies. They have made a really arduous, lengthy process of contracts into a simple, easy-to-use product, that works for both sides of the negotiation. We are really looking forward to seeing Legislate Technologies go to market in the UK this year.”