London-founded digital onboarding and KYC startup Legl has closed an $18m Series B funding round, which it says will help fuel the next phase of product expansion and development. The Series B was led by existing investor Octopus Ventures and includes other unnamed investors.
Legl combines the automation of manual business processes for regulated law firms, like compliance, risk, onboarding and payment, with a lightweight CRM and flexible, no-code workflows. It enables law firms to better manage cash flow and mitigate risk, through better understanding client data and managing the entire client lifecycle.
Legl says that its customers now include 20 of the top 200 law firms, one of which is Brachers in Kent. Its customers listed on its website are typically small law firms, including Sidcup-based conveyancing firm RG Law; Douglas-Jones Mercer in Swansea; and Streeter Marshall in Croydon, Purley and Warlingham.
This funding round comes just over a year after Legl raised a $7m Series A.
Julia Salasky, founder and CEO, said, “By focusing on the business processes of law firms, which are complex, regulated businesses, Legl is able to enable law firms to focus on what they do best – law. We’re thrilled to close this funding round which, alongside our brilliant investors and their expertise, networks and understanding of the market, will drive growth and impact for us and for our clients.”
Malcolm Ferguson, Investor at Octopus Ventures, added: “We’re delighted to continue to support Julia and the team on their mission to free up lawyers’ time so they focus on creating value for their clients. The company has grown really strongly over the last 12 months, and is positioning itself to become the go-to solution for law firms looking to modernise and automate their non-core work. Not only does this improve a law firm’s revenues and margins, but [it] also means they can deliver a meaningfully better experience to their clients.”