Corporate and disputes visualisation and modelling tool StructureFlow has raised USD$3.5m pre-Series A funding round – bringing its total seed funding to circa $8m.
The 2017-founded, London-headquartered company says that the new investment will enable it to meet growing customer demand, accelerate product development, and boost its go-to-market capabilities, where it will continue to focus on expansion in North America.
The round was led by UK-based venture capital firm Venrex. High-profile angel investors also participated including Chris Adelsbach and Tariq Khan.
StructureFlow enables those involved in transactions to digitally map out and brainstorm corporate structures or interconnected elements. However, it can also be used to help visualise the events and facts that give rise to a complex dispute.
The software is used by some of the world’s largest law firms, including three of the five UK magic circle firms – Slaughter and May, Linklaters and Allen & Overy, where Shruti Ajitsaria, a partner and head of A&O’s legal tech incubator Fuse said: “I’m so pleased about StructureFlow’s successful fundraise. We very much enjoyed having the team in Fuse, our tech incubation space, in 2020 and have been delighted to support and use StructureFlow since then. I am looking forward to seeing where their journey takes them next.”
StructureFlow is used by a number of Am Law 100 US firms, including Shearman & Sterling, where Glenn LaForce, global director of knowledge & research, said: “Using StructureFlow has been a game-changer for us. It makes people’s lives easier, saving time and creating high-quality visual outputs to augment our delivery of legal services. It has been a pleasure working with the team and we look forward to seeing this investment used to make the product even better.”
The significant funding round shows that there is still money available to the right companies despite the uncertain economic climate. Tim Follett, CEO & founder of StructureFlow, said “We are thrilled to have secured significant funding in an extremely challenging environment. Strong traction and our strength of vision have attracted forward-thinking investors. We will not rest until we have transformed the way people work on complex deals – moving the industry away from dense text to more visual ways of working.”
Venrex was a seed investor in global payments disruptor Revolut and Venrex analyst Tilly Fleming said: “Tim has experienced the issue StructureFlow is out to solve first hand, this is not dissimilar to the domain expertise we saw in the founders at Revolut, Rippling and Charlotte Tilbury. We think he can build a business of a similar scale.”
Isn’t this start up just trying to compete with the Jigsaw legal tech team? All the big firms in the US are using Jigsaw – we couldn’t do without it.