A legal tech start-up has raised £7.5 million in a Series A funding round, reports reveal.
Apperio, a UK-based tech firm which aims to help companies change the way they spend their legal budget, received the bulk of their funding from venture capital backer Draper Espirit.
The firm also receiving funding from existing investors Notion, IQ Capital and other unnamed angel investors.
According to the report, Apperio garnered a significant amount of interest after it revealed that it had grown its team to 20 people and increased its annual revenues by more than 300 per cent over the last 12 months.
The tech firm also assists law firms in managing their clients’ legal spend, with recent figures showing that all but two of the top 25 law firms have signed up to provide data to the platform.
Commenting on the firm’s objectives, the company’s founder, Nicholas d’Adhemar, said: “Companies typically spend between one to two per cent of their annual turnover on legal fees but the ability to monitor spend and have access to fee data and analytics is at worst non-existent, at best manual.
“With only 13 per cent of legal departments describing their spend management approach as ‘optimised’ and 25 per cent of legal departments not using any legal technology at all, there is a huge opportunity to provide clarity to general counsel and gather accurate, real-time insights that enable better decision making and help reduce legal expenditure.”
According to reports, Richard Marsh, of Draper Esprit, will now be joining the board as part of the deal.
“We are delighted to be leading the investment in Apperio at a time when the company is accelerating its growth and is showing strong market momentum,” he said.
“Apperio’s software is transformative in the way in which law firms and their corporate clients can interact.”
Kerry Baldwin, partner at Cambridge-based IQ Capital, added: “While the legal sector has historically been slow to adopt new technologies, Apperio is the only company offering customers a simple integration process and real-time visibility of both work-in-progress and budgets.”