On-demand legal platform for startups Lexoo has closed a $1.3m investment round led by existing investor Forward Partners and joined by the Mayor of London’s Co-Investment Fund.
The company raised $400,000 back in January to kickstart its legal marketplace platform launched in July 2014.
Lexoo says it is now processing $1.5 of legal work annually, while helping SMEs to halve their legal bills.
“London is primed to become the legaltech capital of the world,” Lexoo CEO Daniel van Binsbergen told Tech City News.
“The same aspects that took fintech to dizzying heights are now working in legaltech’s favour: London is one of the biggest legal hubs in the world, there are more than 1,760 solicitors working in the City of London for every 1,000 residents here.
“It seems that legaltech is roughly 10 years behind fintech which means the opportunity is incredible and we are just at the beginning of the growth curve,” he explained.
“Traditionally the challenge was around convincing lawyers that innovation and change will ultimately help the legal sector. Although lawyers are still relatively risk adverse, I have seen a marked shift over the last 5 years. Everything is moving in the right direction.”