Brisbane-based legaltech startup Lawcadia, which launched in February 2016, has received AUS$500,000 from the Queensland Government’s Business Development Fund to expand its legal procurement business.
Lawcadia enables top-tier, mid-tier, international and high-end boutique firms to pitch for work on its platform, where companies in need of advice post RFPs and an online procurement process helps them to review and compare the information received.
Lawcadia’s financial reporting tool provides a framework for companies to review fees, giving visibility on what has been charged, what is in progress and what is coming up for each matter.
As we reported in in July 2016, Lawcadia previously received $500,000 in investment from Queensland-based angel investor ACAC Innovation. The funding from the $40m Business Development Fund – which matches private sector investment to encourage innovation – takes the total funds raised by Lawcadia to AUS$1 million.
Lawcadia CEO and founder Warwick Walsh said that the company has already started working with some large companies and government organisations in Australia. “We have a unique solution to helping organisations get greater value and efficiencies from their legal spend through our legal procurement platform,” Walsh said.
“Many law firms are also frustrated about the lack of transparency through current legal procurement processes and are excited by our new, innovative approach.”