It’s all about the contract right now after UK-headquartered contract management platform Juro raised $2m in a round led by Berlin-based VC Point Nine Capital, with contributions from Seedcamp, Taavet Hinrikus (cofounder of TransferWise), Michael Pennington (co-founder of Gumtree) and the family office of Paul Forster (co-founder of Indeed).
As news came in late last night of another huge funding round in the contracts space that will break next week, Juro, which was co-founded by CEO Richard Mabey (pictured), a former Freshfields Bruckhaus Deringer corporate lawyer, tells us that they will use the funds to build the team across Juro’s London and Riga offices and double down on its machine learning infrastructure. Naturally, the funding round was agreed through Juro. It brings the total funding to date to $2.75m.
Juro, which was co-founded by Pavel Kovalevich (CPO), an ex-Accenture software engineer, has seen rapid growth since launching in 2017 and now counts Estee Lauder, Deliveroo and Nested among its clients.
It focuses on businesses with high volumes of contracts (marketplaces, for example) which often sign hundreds of contracts per month.
The platform applies a design centric approach to contract workflow as well as incorporating e-signing for speed and analytics to help understand patterns in negotiations and extract contract data.
Rodrigo Martinez, a partner at Point Nine Capital said of this recent funding round: “Since we first met Richard and Pavel, we have been very excited about their vision for a more human and design-centric approach to contracts. As a VC firm managing hundreds of contracts a year, we feel the pain of the current processes. We look forward to continuing to support them in upgrading legal processes.”
Keep your eyes here for next week’s announcement, out 17 April.