The new cash will help to fund a big push on client acquisition, double the size of its team over the next 18 months, and further develop its technology to deliver additional features.
As for the investor, Mobeus has a broad portfolio stretching from retail to manufacturing, and said of its decision to back Legatics: ‘[We] identified legal tech as having significant potential, given the pace of adoption of new technology and the ongoing M&A appetite of existing technology providers.
‘We are really excited about working with Anthony Seale, Daniel Prous and the rest of the team, and were impressed by the product, which has been designed with specific and subtle intuitive features critical to the high-level adoption Legatics has achieved to date.’
Joe Krancki, an investment director at Mobeus, will join the board after completion.
Legatics’ goal is to transform legal transactions by enabling deal teams to collaborate on, and close, deals in an interactive online environment. You can see an earlier AL TV Product Walk Through, here:
Legatics said it was used by many of the top global banking and finance law firms, with ‘matters having been hosted in approximately 50 countries’.
Commenting on the landmark investment for the company, founder and CEO, Anthony Seale, said: ‘Legatics’ mission is personal to me, having experienced first-hand how legal transactions can be slow, inefficient and leave clients in the dark, we set out to change that with a centralised online platform.’
While Daniel Porus, Chief Commercial Officer, added: ‘We have seen how law firms and their clients increasingly see the benefits of legal transaction management software and consider Legatics as an essential tool within their tech stack. Much of our growth to date has been a result of the positive network effects from people using Legatics on their transactions and I am now really excited to see accelerated growth for Legatics as a result of this investment.’
Is this a big deal? For Legatics it’s very significant and gives them the rocket fuel needed to keep growing and to gain more momentum. It’s also important to recognise that while we see the word ‘billions’ used now in relation to legal tech, the vast majority of the hundreds of companies in this sector are still effectively SMEs with less than 100 staff.
Also, many legal tech startups don’t grow super-fast. Legatics launched in London back in 2015, just as the New Wave of legal tech was getting going. Now, six years later, it’s bagged a £3m funding and has a team of around 30 staff at present.
But – and this is the key thing – they’ve been working with some of the largest law firms in the world, and helping with very large deals. And that’s the nature of legal tech, we often see relatively small companies working at the top end of the market.
With the new investment Legatics will however be able to accelerate its growth and broaden its client base. Good luck to them.
Main pic by Legatics of some of their team.