Legal tech ‘app store’ Reynen Court has secured $4.5m of further funding. Global venture capital firm Ventech led the round, which included Clifford Chance and Latham & Watkins, who together led the company’s initial $10m financing, as well as Prins H LLC, an investment vehicle controlled by Reynen Court’s founder and CEO Andrew Klein.
‘We are extremely proud to announce our new funding which will support the expansion of our team and thus the speed at which we can further develop our platform and business,’ said Klein. ‘We are very grateful for the continued confidence expressed by Ventech, Clifford Chance and Latham & Watkins.’
Paul Greenwood, Clifford Chance Chief Information Officer, said: ‘We believe this now more than ever in light of the rapid acceleration in adoption of new technology in the legal sector catalysed by the outbreak of COVID-19.’
Ken Heaps, Chief Information Officer at Latham & Watkins, concluded: ‘The team is building a powerful platform that is not only well-positioned to increase the uptake of new technologies, but in fact to foster innovations that can scale to firms’ needs. We are delighted to be part of Reynen Court’s continued growth and long-term success.’
Is this a big deal…? Well, it kind of had to happen one way or another in order to provide a continued ‘runway’ of cash for the business, so to some extent this is expected.
Although, it’s also a vote of confidence from Latham and Clifford Chance that they have once again stumped up cash in what remains a variable market for growth capital, as well as law firm profits.
Also, it doesn’t look as though Orrick, which had also previously invested, has joined this round. The US firm, which has very strong tech credentials, invested in January this year, ahead of the pandemic and became the 3rd firm to take an equity stake in the legal tech platform. See AL story here.