Reynen Court today (8 March) announces the closing of $4.3m of additional financing from three new investors and existing shareholders. The new investors include venture capital funds Bryce Catalyst and Forefront Venture Partners. Existing investors participating in the new round include global, early-stage VC Ventech and international law firms Clifford Chance and Latham & Watkins.
Prins H LLC, an investment vehicle controlled by Reynen Court founder and CEO Andy Klein, is investing in this round together with Ventech, a global early-stage venture capital fund that partners with entrepreneurs to develop and deploy transformative technologies. This round follows the company’s initial $7 million funding in December 2018 by Prins H, Latham & Watkins and Clifford Chance.
Reynen Court provides a platform – akin to an app store – where firms and law departments can research, test, adopt and manage cloud-based software applications.
Since its inception, a consortium of twenty of the largest global law firms has actively supported the company’s development. More recently, a second consortium of twenty-two global banks and corporations came together to collaborate with Reynen Court and its law firm consortium.
“The legal industry is facing an onslaught of new software applications and most of these have been designed and built to leverage cloud-computing,” commented Cary Burch, the president and CEO of Bryce Catalyst and former SVP and chief innovation officer at Thomson Reuters. “Due to security and data protection policies, however, it is extremely costly and time consuming for large legal organizations to vet and secure permission to use new SaaS solutions. By making it easy for law firms and law departments to adopt and run third-party software applications in private cloud infrastructure under their own control, we believe Reynen Court is strongly positioned to play a central role in the transformation of the legal industry that is well underway.”
“We are impressed with Reynen Court’s strong traction and unprecedented support from so many of the largest law firms and corporate legal departments,” added Phil Nadel, managing director of Forefront Venture Partners, a recent investor in several legal technology companies. “The company’s proprietary and highly differentiated platform solves critical problems for both buyers and sellers of AI, smart contracts and other new cloud-based software applications. The team has deep legal sector and technology expertise. Co-investors are high caliber and very active.”
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