Pocketlaw has closed a funding round to accelerate its AI product development and expansion across Europe, raising ‘close to €5m’ the company told this site.
Pocketlaw enables companies to centralise legal processes, and to automate and scale contract management by providing intuitive self-serve tools. Pocketlaw is headquartered in Stockholm with offices in London.
Their platform combines contract management with reviewing documents and comparing against company playbooks, as well as extracting and visualizing values from large contract sets.
In 2022 the company gained €10m in Series A funding.
This fresh funding round included participation from existing investors such as Atomico, along with new investors, including one of Swedenʼs leading tech entrepreneurs with global experience, Willard Ahdritz, founder of Kobalt Music Group.
The company said that it had ‘made significant investments in artificial intelligence in recent years’, helped by Faruk Sahin, who last year joined the company from Sana Labs where he was VP Engineering.
Kira Unger Söderlind, co-founder and CEO of Pocketlaw, said: ‘AI has completely transformed the landscape of legal tech. We are seeing an enormous increase in market demand for AI-powered legal solutions.’
While co-founder Olga Beck-Friis added: ‘Pocketlaw is used to augment team capabilities, and with our new AI products, weʼre seeing explosive adoption of AI amongst our users. In just the past six months, usage has increased by over 1200%.’
New investor Ahdritz, who will also take a seat in the companyʼs Board of Directors, concluded: ‘By implementing a centralised platform for data, intellectual property, and collection technology across over 200 countries at Kobalt Music, I’ve witnessed firsthand the extensive legal work required to manage such operations.
‘Today, legal functions have evolved from being mere cost centers to becoming critical components for scaling and driving global revenue in an increasingly complex legal environment. Enter Pocketlaw, transforming legal workflows through technology.’