Leverton restructuring: German media claims 50 dismissed and Berlin office closed

Leverton has dismissed around 50 of its employees and closed its Berlin office, according to German digital industry publication Grunderszene.

In a report that we have used Google Translate to read, Grunderszene claims that the Berlin workforce was told of the imminent office closure on 28 June, according to “current and former employees of the Legaltech startup, who do not want to be named.”

One person with knowledge of the situation told us: “What has been written presents only one side of the coin. More will be made public at the end of the week.”

It is understood that there may be news of further fundraising.

Leverton, which is Germany’s leading AI-backed data extraction and management provider, raised $11m in Series A funding in July 2017, having raised $5.6m in seed funding in 2015, according to Crunchbase. The more recent funding came from DAH Beteiligungs and Anyon Holding.

There has been a significant flux in its senior personnel: over the past couple of years, Leverton built out its senior executive with hires including Dan Wucherpfennig as COO and Catherine Ostheimer as VP of marketing. However, they both left the company in December, according to their LinkedIn profiles.

Richard Belgrave took over the CRO role from Abe Somani, who became global CEO in 2018.

Leverton, which has offices in London, New York and New Delhi, was founded in 2012 by four founders, of which only Florian Kuhlmann remains working for the company, as chief technology officer.

It has in the past few years built up a client base of some of the most enviable names in the sector, including JLL (Jones Lang Lasalle), Baker McKenzie, Clifford Chance and Freshfields Bruckhaus Deringer, the latter of which it worked with last year on an accelerated real estate transaction for German investment company Conren Land AG. More recently, it worked with BMW Group to speed up a real estate lease abstraction.

Keep your eyes peeled for further updates.