PocketLaw, created in Sweden by Olga Beck-Friis and Kira Unger and now rapidly spreading into new markets including the UK, has gained €10m in Series A funding, led by Atomico. Artificial Lawyer asked Beck-Friis about the news as they hit €14m in total investment.
And if you are wondering what they do, PocketLaw is a type of all-in-one online legal service that helps SMEs and start-ups with contract creation, management and storage with hundreds of templates, to guidance on legal issues, to redirects to suitable advisers. One could say it has similarities with LegalZoom, but it is very much focused on the startup and small to medium size company world – which is of course where many businesses are most in need of affordable and easy to digest legal help.
– How was the fundraising process?
The process was smooth, swift and straightforward. We had already established good and longstanding relationships with a number of preferred investors (see below), whom we informed about our raise, and easily could pick up the conversation with them.
Thanks to Atomico’s team being extremely professional, with a deep understanding of our product and the problems we’re solving for SMBs, the process turned out to be collaborative, rewarding and actually a lot of fun.
Of course, we had all the legal documents needed for the due diligence process prepared and ready in PocketLaw, so rumour has it that we achieved a new personal best with Atomico when it comes to the time between term sheet signing and deal closing.
– What will the money be used for?
After our successful UK launch, the funding will be used to fuel further UK growth. By doubling the team and increasing our presence through marketing and sales efforts, we will be able to reach even more British companies.
We will also continue to expand to several European markets this year – Norway, Germany and Denmark – to become the leading digital legal service provider in Europe.
– What does it mean to you personally to get to this stage?
It’s a huge milestone which we are tremendously happy and proud to have achieved. These funds, and the great support we get from an investor like Atomico, will enable us to realise our ambitious vision for the product.
We are aware that most companies never get to this stage and therefore in addition also see this round as a confirmation that all the hard work has paid off.
– How do you see the market changing in the next few years?
It seems businesses and investors understand that legal tech is here to stay. More capital invested in the market means three things:
- first, it enables legal tech companies to build even better products to serve companies’ legal needs,
- second, it signals to people less familiar with legal tech that these new tools are legitimate, and represents the future for legal services,
- and third, it encourages more innovation by inspiring other entrepreneurs to enter the market and test new ideas.
We will likely see a lot of other new legal tech companies and solutions emerge, of course with PocketLaw at the forefront 🙂
Thanks Olga and congrats!
Note: The full funding info – Series A funding round led by Atomico, alongside prominent founders and operators including Personio co-founder Hanno Renner and COO Jonas Rieke, Pitch founder Christian Reber, Pleo co-founder Jeppe Rindom, Gloria Baeuerlein and the dbt Labs board member and former Gainsight COO, Allison Pickens. Existing investors including Kinnevik’s Cristina Stenbeck and Susanna Campbell also participated, with Atomico Partner Ben Blume joining the PocketLaw board as part of this investment.
(Main pic: Olga on left, Kira on right.)