Transaction management startup Legatics has raised £3m investment from London-based investor Mobeus Equity Partners. This more than doubles the level of investment injected into the company to date.
Legatics, which is used by more than half of the top global banking and finance law firms, provides a platform in which deal teams can collaborate on and close deals. Accessible from the web browser, it enables repetitive tasks to be more easily accomplished by automating transaction workflows.
Founded by CEO Anthony Seale, Legatics recently won an enterprise agreement with Hogan Lovells, and speaking to Legal IT Insider at the time, Katja Ullrich-North, global head of knowledge management at Hogan Lovells said: “We’ve seen usage significantly grow over the course of the relationship and have built up a strong platform of successful use cases across offices and departments.” Other firms to enter an enterprise agreement – meaning they are not just using Legatics on an ad hoc basis but have experienced wide adoption – include leading South African firm Bowmans and international law firm King & Wood Mallesons.
Mobeus provides £2m to £15m in investment to UK SMEs across all sectors, and what’s interesting is their general observation re the rise of legal tech. Katia Mendonça, Mobeus Investment Analyst, said, “Mobeus identified LegalTech as having significant potential, given the pace of adoption of new technology and the ongoing M&A appetite of existing technology providers. We are really excited about working with Anthony, Daniel and the rest of the team, and were impressed by the product, which has been designed with specific and subtle intuitive features critical to the high-level adoption Legatics has achieved to date.”
Seale, who was an associate at Clifford Chance and in-house at Aerograft before forming Legatics, said: “Legatics’ mission is personal to me, having experienced first-hand how legal transactions can be slow, inefficient and leave clients in the dark, we set out to change that with a centralised online platform.”
He added: “This funding and partnership from Mobeus, validates the significant opportunity to scale up the team as well as really accelerate product development with new features and use cases and bring the platform to a more global audience.”