Queensland Treasurer and Minister for Trade and Investment Curtis Pitt made the announcement late last week, saying that the funding will help Lawcadia expand its legal procurement business.
“This home-grown company is the first legal tech start-up to receive funding from the Business Development Fund and it’s exactly the type of innovative business that the Palaszczuk government is looking to invest in,” Mr Pitt said.
“The Lawcadia business model aims to help companies and governments in global markets rethink the way they procure and manage legal services and use data on their legal matters.
“From the government’s perspective, investing in companies such as Lawcadia is good for Queensland.”
Lawcadia works with law firms of various sizes, as well as private and public sector clients, to deliver transparency and accountability in the legal procurement process. The company provides a range of tools for clients to manage each stage of legal procurement.
“We have a unique solution to helping organisations get greater value and efficiencies from their legal spend through our legal procurement platform,” said Lawcadia CEO and founder Warwick Walsh.
“Many law firms are also frustrated about the lack of transparency through current legal procurement processes and are excited by our new, innovative approach.
“Backing from the Queensland government will allow us to expand our team even further, build and consolidate our position in Australia, and start to look towards global expansion.”
ACAC Innovation, a Queensland-based investment company that aims to foster innovative start-ups, has committed a further $500,000 to Lawcadia.
“Financial investment from the Queensland government shows confidence in the business proposition, as well as support for the experience and knowledge that private sector investors bring to new business initiatives in Queensland,” said ACAC Innovation director Andy Greig.
The Business Development Fund grants funding from $125,000 to $2.5 million to innovative businesses in Queensland, provided they can secure an equal contribution from a private co-investor.