Swedish startup pocket law – a contract automation legal technology software-as-a-service platform primarily focused on SMEs – has raised €10m (approx.) Ben Blume, partner at the venture capital firm, is joining the board as part of the investment. The round brings the Total revenue of the startup since its founding in 2018 to 14 million euros.
PocketLaw launched its product in March 2020 – targeting contracting, e-signature and management tools in small and medium-sized businesses across all industries, promoting a service that does not require in-house legal experience for SMBs to use be able.
To date, the company has acquired around 6,000 clients – including name checks from start-ups such as Voi, Kry/Livi, Juni and Estrid and mid-sized consumer companies such as Punchy Drinks, as well as some larger companies such as Babybjorn and Schibsted.
Its biggest markets so far are its home market of Sweden and the UK, but it tells us it expects to accelerate in Germany and Norway later this year.
The Series A The financing will continue to expand its operations across Europe, including by expanding its team in legal, technical and operational areas to support the growth spurt, she added.
“PocketLaw can be used by any business owner or stakeholder anywhere in the world, regardless of size, financial strength or legal experience. However, our priority so far has been to support all SMBs in all industries for clear reasons,” CEO co-founder Kira Unger tells TechCrunch. “This is a huge market with many companies that need assistance on a daily basis and today most of these companies are left alone without strong financial resources and in-house experience to manage the legal affairs themselves.”
It’s hard to ignore the growing number of legal tech startups offering their clients technology to simplify and streamline contract creation and management in recent years. When asked about the competitive landscape, PocketLaw says it competes with such contract book, Backed by Union Square Ventures jury and supported by Index Ventures seed gals.
Growth in this category is being driven by rising demand, with legal tech business budgets expected to triple by 2025, according to Garner reported earlier — when we also noted that 2021 was a record year for the category, with $1.4 billion invested by venture capital firms in the first half of the year CrunchBase data.
As increasing demand means increasing competition, we asked PocketLaw how it differentiates its offering from other startups similarly chasing the SMB longtail.
“PocketLaw is the first contract creation and management platform that truly empowers business stakeholders to manage legal matters with confidence. Unlike CLM [contract lifecycle management] PocketLaw also provides systems with proprietary content in the form of hundreds of court-specific templates and guides,” suggests Unger. “This allows our users to get started from day one without consulting a law firm or spending a lot of time with the in-house legal team creating and automating templates and ensuring they are updated to ensure everything is compliant.”
“We believe anything you do more than once should be automated. Digital first and human touch as needed,” she adds. “Our clients can easily get in touch with one of our partner law firms at any time for tailor-made legal advice.”
Unger also points to the increasing complexity in the regulatory and legal landscape that is driving companies’ investments in legal services “just to survive,” as she puts it — citing a statistic that tech companies alone account for 1% of their revenue from legal services spend.
“Yet, the bulk of day-to-day legal work consists of simple, repetitive tasks, and given the cost of massive in-house legal teams, adding more people to the problem isn’t the answer. By providing automated solutions along with quality templates and other content developed by lawyers, PocketLaw helps every team in a company (both non-lawyers and lawyers) to manage legal matters efficiently and easily,” she argues.
PocketLaw estimates its clients save “up to fourteen work weeks and up to $200,000 in attorney fees per year” by using its platform, which supports features such as legal discovery, contract creation, execution and storage — as well as an 80% time savings % versus traditional legal services.
Atomico’s Blume commented on the Series A in a statement: “This is the first time we’ve seen a tool that truly caters to the needs of business owners, giving them access to everything they need in one place and in one world.” where most teams are still forced to purchase multiple fragmented solutions, work in silos, or pay high legal fees to outside experts.
“Kira and Olga have built a great team pocket law, with world-class commercial, legal and technical experience from Slack, LinkedIn, Google, Zalando, KRY, Spotify, Acast, Mannheimer Swartling and Hogan Lovells. They all agree that by making everyday legal work more intuitive and efficient, companies can reduce enormous burdens – while reducing costs, risks and wasted time.”
Series A also includes support from a number of founders and operators, including Personio co-founder Hanno Renner and COO Jonas Rieke; Pitch founder Christian Reber; Pleo co-founder Jeppe Rindom; Gloria Baeuerlein and dbt Labs board member and former Gainsight COO Allison Pickens. Existing PocketLaw investors, including Kinnevik’s Cristina Stenbeck and Susanna Campbell, also participated in the round.
PocketLaw, a contract automation SaaS for SMEs, secures Atomico’s support – TechCrunch Source link PocketLaw, a contract automation SaaS for SMEs, secures Atomico’s support – TechCrunch