Danish startup Juristic has raised circa $1m in funding, here is what you need to know about the company and its plans.
What does Juristic do?
Juristic is a visual structuring tool that enables you, for example, to create a digital whiteboard. To see it in action you can take a look at this interactive demo.
Its messaging to customers is that it automates legal deliverables, tasks and processes with visualisation – and combines it with your knowledge management system with a sprinkle of templates and legal project management. No need for coding.
Who invested in this round?
The round included Ugly Duckling Ventures and Jonatan Hjortdal who joins the existing investor group, consisting of – among others – law firm partner, investor and serial entrepreneur Jens Bang Liebst, who has founded multiple legal tech companies.
Who is the tech applicable to?
Rune Hven-Jensen, co-founder and GP in Ugly Duckling Ventures, says: “From the first meeting and all through-out a meticulous and well-executed due diligence process, Juristic showed us an incredible technology that has the potential to expand across borders – without restrictions due to jurisdictions or language. In other words, it can be used by anyone and has the potential to drive a true paradigm shift in the approach to legal tech!”
Who are some Juristic’s customers?
UK top 50 law firm Bird & Bird is one of the big ones. Also leading Danish firm Bech-Bruun and big four accounting firm PwC.
What do investors say about why they believe in the startup?
“Juristic’s team is comprised of a rare perfect blend of legal domain insights and technological prowess. That is what makes Juristic special and is absolutely why they have been able to grow in such a way in multiple countries,” says Jens Bang Liebst. “There are almost as many people with a legal background in the company as there are tech people and that’s why the product works as well as it does.”
What will the money be used for?
The funding will be used to accelerate Juristic’s growth trajectory. The company expanded their customer and user base to five countries during the year and are hoping to at least double this during the next 12 months.
Christian Hjortshøj, co-founder of Juristic, told Legal IT Insider:
“The key thing for us is definitely growth. It’s an easy thing to say, but what we’re looking to do is expand beyond the Nordics. We started in 2021 and we’ve been expanding in the Nordics steadily. Legal tech is a conservative industry and for good reason. I worked as a lawyer before so I know how it is. We’ve been growing steadily outside of Denmark, our home market, especially in Scandinavia and Norway. We’re now looking at growth in Europe and the UK, especially the London market. London is a very strong market for legal services in Europe so obviously that’s a goal for us. Hopefully in one or two years’ time we’ll look at the US.”