Startup corner: Juro in focus
How would you describe your company to a friend?
Juro is a contract management provider that offers businesses a smarter way to manage paperwork.
And if you had to describe it to a techy?
Juro is a contract management provider that enables businesses to automate the generation, negotiation, signing and management of contracts through an AI-enabled workflow.
When were you founded?
Richard Mabey (a former Freshfields Corporate lawyer with an INSEAD MBA) and Pavel Kovalevich (an ex-Accenture IT consultant).
Who are your key managers/senior execs?
CEO: Richard Mabey (pictured top right, a former Freshfields Corporate lawyer with experience at LegalZoom). CPO: Pavel Kovalevich (pictured right, an ex-Accenture IT consultant). Advisers include Tim Clark (former Senior Partner of Slaughter & May) and Ned Staple (General Counsel of Zoopla).
What is your growth strategy?
We are growing fast throughout Europe. We are currently focused on in-house counsel and plan later to sell to law firms. Our focus on user experience means that we see rapid adoption of our technology within businesses, which helps in-house legal teams to keep control of contracts.
Have you received investment?
We are funded by Point Nine Capital, Seedcamp and angels including the founders of Gumtree and Indeed. com, Michael Pennington and Paul Forster. [Juro closed a $750,000 seed funding round in January 2017.]
Who are your target clients?
We work with several high growth marketplace businesses. Going forward, we are targeting high volume B2B businesses, especially those with a marketplace model.
Have there been any key changes in direction since you were founded?
Since founding we have changed the kinds of customers we go after from small businesses to high volume / high growth enterprises. We found that each had a different set of pain points and required a radically different user experience.
What are the key challenges you face in your market?
Key challenges include a traditionally high cost of customer acquisition, the risk aversion of in-house legal teams and the long sales cycles that selling to legal customers can entail. This said, all of these things are getting better as the market realises the benefits of legal technology.
What are the most exciting developments you’ve seen in your market in the past year to 18 months?
The most exciting development has been the willingness of in-house counsel to engage with AI solutions. Advances in machine learning are shifting the paradigm of contracts, and the speed at which the market is adopting the technology is breath-taking.
Tell us something that people don’t already know about the company?
We operate in 12 countries globally.