By LE Desk
May 7: New Zealand based legal tech startup for in-house legal teams, LawVu, has raised USD1.8 million USD in venture funding co-led from Silicon Valley based Shasta Ventures and AirTree Ventures in Australia.
The raise was also supported by New Zealand based NZ Growth Capital Partners (NZGCP) and existing investors, Private Equity Wire reported.
LawVu will use the investment to continue its growth into the US and Australian markets, a global industry worth USD 500 billion USD, with the US market being USD160 billion USD alone. The complexity and volume of work in-house legal teams are doing is skyrocketing and LawVu is solving that problem by offering the world’s first truly connected software platform for in-house legal teams, the startup said.
Sam Kidd, co-founder and CEO, says: “At LawVu we have massive global ambitions with a vision to transform the legal industry by providing the world’s leading and most loved platform for in-house legal teams. Our platform is finally offering a way for not only legal teams but also management to see how the legal function is performing inside their company. We receive solid feedback from customers and it’s great to see our software solving problems and meeting a genuine need. We’re excited to continue to rapidly grow our business in overseas markets.”
LawVu’s customers are companies large enough to require in-house legal teams as opposed to relying solely on traditional law firms. They include world-leading enterprises such as Telstra, Nissan, Expedia and PwC and most recently one of the world’s largest social networks.
Rob Coneybeer, Managing Director and Co-founder of Silicon Valley based Shasta Ventures has a long history working with enterprise and technology startups: “LawVu has responded to a global opportunity by pioneering a whole new category in legal tech software. There is plenty to be done in this sector with the US market being LawVu’s biggest focus. We’re excited to be part of this journey and help them transform a 100 year old industry.”
James Cameron, Partner of AirTree Ventures known for working with game-changing businesses believes LawVu has what it takes to disrupt the entire industry: “In house legal teams are an enormous market that is quickly waking up to the importance of having modern productivity and collaboration tools – and LawVu has emerged as one of the leading contenders to own this exciting new software category. The LawVu team have deep and hard-earned insights into how legal teams operate and are obsessed with making their customers’ lives easier – and this has been the secret behind their rapid expansion and their global blue-chip customer list. We’re very excited to support the team as they grow a global category leader from NZ.”
LawVu was founded in 2015 by Sam Kidd and Tim Boyne and has scaled rapidly over the past 12 months, tripling revenue as well as adding 40 additional staff across the world. It has offices in Australia, US and Ireland. LawVu’s continued growth and ambitions have earmarked the company to rapidly expand revenue and customer numbers around the world.
Over the next 12 months, LawVu will be focusing on a robust R&D roadmap launching a range of new products including a number of A.I initiatives, optimised cost analysis tools, and a new predictive analytics and reporting suite.
“Legal is at the heart of any business, yet despite the complexity and growing risk profile of the work in-house lawyers do, they’re still operating blind on traditional tools. We’re helping legal teams and that helps organisations move faster and those with the right tools will become a true competitive advantage. It’s incredibly important work and we’re excited about the value our new investors will bring,” says Tim Boyne, co-founder and Chief Strategy Officer, LawVu.