Juro, the pioneering contract management platform, has raised a $5m Series A round led by Union Square Ventures. The New York-based fund was an early backer of Twitter, Twilio and Kickstarter.
CEO Richard Mabey told Artificial Lawyer: ‘We will triple head count in 2020. There will be more data scientists, more designers and we will double down on the product.’
He stressed that with additional funds the goal was not to rush off in all directions and do lots of things that they could or might want to try, but instead to really focus on making their digital contracting and legal data management platform as good as it can be.
As part of the investment John Buttrick, Partner at Union Square Ventures will join the board, something that Mabey very much welcomed, and noted that the investor was a great partner for them.
‘Having a US partner helps us with expansion [there],’ he added. Although, he also pointed out that the UK and European market would remain a central focus to the business, which started out very much with a focus on digital-first companies, such as Deliveroo, but now has gained more traditional clients.
‘We are really excited about what we are doing at Juro. We are turning contracts from static, unstructured information, into dynamic, structured modular agreements. This sets us apart, but to do this you need a lot of engineering,’ he concluded – hence the big boost in hiring tech talent.
Buttrick, at Union Square Ventures, added: ‘We look for founders with products equipped to change an industry. While contract management might not be new, Juro’s transformative vision for it certainly is. There’s no greater proof of the product’s ease of use than the fact that we negotiated and closed the funding round in it. We’re delighted to support Juro’s team in making their vision a reality.”
Juro was represented in the transaction by Wilson Sonsini Goodrich & Rosati and Taylor Wessing. Union Square Ventures was represented by Latham & Watkins and Gunderson Dettmer.