And, in further funding news ‘legal app store’ Reynen Court has secured $3m of additional financing in preparation for its official first quarter of 2020 commercial launch.
The platform, which aims to make the use of SaaS applications easier by handling issues such as security, gained an initial $7 million funding in December 2018 from Latham & Watkins and Clifford Chance, and other investors.
Prins H LLC, an investment vehicle controlled by Reynen Court founder and CEO Andrew Klein, is investing in this round together with Ventech, a global early-stage venture capital fund. In which case it’s perhaps fair to say that at least part of this could be seen as a key owner of the company investing in their own assets.
The company says it now has 120 third-party legal tech vendors that ‘are in the process of making their products available on the platform’.
If they did all land on the platform it would make it the largest single ‘re-seller’ of legal tech on the planet – which would be quite a feat.
Artificial Lawyer has heard from several companies that have been contacted by Reynen about joining in, and it’s fair to say not everyone is convinced of the benefits to them.
However, that said, if being on the platform gains you even a handful of new customers then it may well be worth it. But, much remains to be seen, especially as to how much law firms will really make use of the applications available – and if the tech vendors are happy with the results.
CEO, Andrew Klein said: ‘This additional capital allows us to keep our heads down to focus on on-boarding application vendors and robustly supporting the law firms launching our platform.’