US interactive online legal training provider AltaClaro has raised a $2.5M series seed preferred financing round. The New York City-headquartered company says it will use the funds to expand its product offerings and continuing to grow its market share.
The financing round was led by Bryce Catalyst, a leading legal tech fund whose general partner Cary Burch is the former chief innovation officer of Thomson Reuters. Co-investors include LearnStart, the seed-stage investment arm of LearnCapital, whose investments include successful companies such as Coursera, and global law firm Orrick’s Legal Technology Innovation initiative.
Launched by attorneys in 2017, AltaClaro uses a learn-by-doing approach, providing training for some of the largest law firms in the world including Skadden Arps, Hogan Lovells, Ropes & Gray, Orrick and Barnes & Thornburg.
“Law firm cost pressures are mounting alongside record associate turnover rate,” said Abdi Shayesteh, CEO and founder of AltaClaro. “For years, training at firms has yielded inconsistent results – full of unconscious bias. It has become a strategic imperative for law firms to adapt – and until now – they haven’t been able to find a scalable cost-effective solution.”
“It’s exciting to hear first-hand how AmLaw 200 firms are reaping the benefits of AltaClaro’s platform. AltaClaro has become an essential part of a firm’s training and development – associates love their courses and practice group leaders are seeing results with increased productivity and efficiency,” noted Cary Burch, President and CEO of Bryce Catalyst. “We are excited to be investors and advisors for this talented team that is transforming the way lawyers become practice-ready at every stage of their career.”
As part of Bryce Catalyst’s investment, Burch has been appointed to AltaClaro’s board of directors, allowing AltaClaro’s management team direct access to the expertise, strategy and growing legal tech network that Bryce Catalyst has to offer.
“From being one of AltaClaro’s beta customers two years ago to now one of its largest, Orrick knows first-hand how solutions like AltaClaro can make work better for our associates and our teams,“ said Wendy Butler Curtis, chief innovation officer at Orrick. “As we invest in the best data-driven companies at the crossroads of legal and tech, we are thrilled to partner with AltaClaro.”