Sydney legal startup LegalVision announced today that it has secured $4.2 million in a Series B round to continue its growth in the Australian online legal market. The funding round was led by commercial law firm Gilbert + Tobin, who previously made a strategic investment into LegalVision last November.
LegalVision delivers legal services through a tech-driven business model, helping businesses around Australia access quality resources by providing startups and SMBs with access to more than 3,000 legal articles and 40 free legal documents. In just over three years the startup reports that it has assisted more than 15,000 business around the country.
CEO of LegalVision, Lachlan McKnight said the backing of Gilbert + Tobin and the latest round of funding is validation of the startup’s goal and progress to date.
“There is still much to accomplish, and this investment round provides the foundation for LegalVision to keep achieving in the coming months and years,” he said.
LegalVision will use the funding to explore how machine learning and self-executing smart contracts can help deliver services in a more efficient manner, while it is also looking to work with small businesses in particularly underserved regional communities, as well as major international cities that have significant Australian trade flows.
“LegalVision is growing strongly in its core market and there are significant opportunities for Gilbert + Tobin and LegalVision to work together to develop innovative solutions for our clients,” said COO of Gilbert + Tobin, Sam Nickless.
Though still in its relatively early days, innovation in the legal sector is steadily growing as businesses within the legal sector realise they must adopt new methods and technology to stay competitive and offer improved customer experiences. Startups like Law Path, Brief It and more recently thedocyard are focused on using innovative tech to survive in a tough economic environment and in a space where traditionally technology has had little impact – slowly by steadily, established firms like Gilbert + Tobin are starting to take notice. LawPath, which also gives customers access to hundreds of standardised legal documents and free legal quotes, earlier this year partnered with global law firm Norton Rose Fulbright to offer startups and small businesses fixed-price packages through its online platform.
Founded in 2012, LegalVision has gone through a number of iterations and marketing strategies to now focus on a customisable, flexible, and consumer-focused platform. The startup has structured itself in a way that it is essentially a practising law firm that works as an online tech company.
In March last year the legal startup raised $1.2 million in a Series A round to introduce new technology and ramp up its resources. A few months later the startup also acquired consultant lawyer marketplace Capacity HQ to complement its process-driven approach with an enhanced service offering. Capacity HQ provided LegalVision with ‘in-house’ solution to law firms and in house legal departments, and both the funding raise and acquisition have led to LegalVision offering a full coverage of specialist niches, such as law tax.
Over the last 12 months, LegalVision has also grown from a small startup with 20 employees to 60, with an innovation model rolled out to assist general counsels and other senior management to reduce legal spend.
Evan Tait-Styles, CTO of LegalVision, said, “Our Series B round will be used to further enhance our legal and tech offering. In everything we do, our focus is on providing an amazing experience for our clients.”
Image: Evan Tait-Styles, Ursula Hogben and Lachlan McKnight. Source: Supplied.