New technology onboarding platform Reynen Court says that it is “ahead of plan” as it secures a further $3 million of additional financing in preparation for its Q1 2020 commercial launch.
Prins H LLC, an investment vehicle controlled by Reynen Court founder and CEO Andy Klein, is investing in this round together with Ventech, a global early-stage venture capital fund that partners with entrepreneurs to develop and deploy transformative technologies. This round follows the company’s initial $7 million funding in December 2018 by Prins H, Latham & Watkins and Clifford Chance.
We asked Klein if the investment means that Reynen Court, which has made a number of heavyweight hires, is burning through cash faster than expected or behind in revenue generation plans. Klein said: “We are actually ahead of plan positively, though of course we are carrying the costs of a pretty senior/full team. In fact, we will start revenues this month as opposed to the original plan of March. This second financing will allow us to defer a larger round until after revenues are more substantial. We may screw up in the future but so far we are firing strongly on all cylinders. Prins H is pleased to invest further. And we are very excited to have secured Ventech’s support. They are a super European and China-focused VC.” Recent hires include head of sales Rich Rifkin, CFO Kathy Willing and head of strategy Christian Lang.
Backed by a consortium of nineteen leading global law firms, Reynen Court’s platform is designed to help law firms onboard new technology by undertaking the initial vetting process and providing a solution store for legal technology. It has been live in beta stage since August of 2019. More than fifty law firms and corporate legal departments are working towards a platform launch in the first part of the new year, and over 120 third-party legal tech vendors now in the process of making their products available on the platform.
The ambition is for Reynen Court to become a ‘one-stop’ shop that enables firms to manage software subscriptions and leverage metrics to deliver better predictability of IT software and infrastructure maintenance and expenditure.
“We are delighted to welcome Ventech as a partner,” said Klein in a statement out today (7 January). “We hope to leverage their experience and skill in steering fast growing global technology companies.”
“This additional capital allows us to keep our heads down to focus on on-boarding application vendors and robustly supporting the law firms launching our platform,” he added. “To each vendor and law firm we offer substantial assistance in project planning and technical implementation. This new funding provides us greater capacity to provide these services and thus will help us accelerate adoption by both sides of the marketplace we are creating.”
“Given the clear benefits of standardization to both the buyers and sellers of legal technology, we believe Reynen Court has the potential to play a significant role in the modernization of the legal industry globally,” commented Ventech general partner Jean Bourcereau. “We are impressed with the vision and the speed at which Andy and his very strong team have built a commercially viable product and secured the support of influential parties on both sides of the marketplace. We look forward to supporting Reynen Court.”