With the backing of two venture capital firms, legal tech start-up LawVu has raised NZ$17 million to strengthen its position as a market leader for in-house teams.
LawVu has completed a Series A funding round, which was led by New York-based global private equity and venture capital firm Insight Partners with support from leading Australian venture capital firm AirTree Ventures.
The start-up plans to use the investment to extend its category leadership, it said in a statement, including making key leadership hires in the US to drive global go-to-market, open US offices and accelerate development of its platform for corporate in-house legal teams.
“This investment validates what LawVu’s customers have been saying about its product and team, and it will enable the company to continue with its mission of optimizing the performance of in-house legal teams, increasing the quality of in-house legal teams’ engagement with the broader business,” the start-up said.
“In-house legal teams perform a critical function inside every corporation,” said LawVu co-founder and chief executive Sam Kidd (pictured).
“However, you’ll often find that the only ‘tech’ they have is email and word documents, and legal teams are becoming a bottleneck, as the rest of the business leverages technology to speed up. It’s incredibly exciting to be pioneering a new category and extending our leadership in this space.”
Insight Partners managing director Rachel Geller added: “LawVu’s global growth speaks volumes to its future as a business and ability to provide high-value outcomes to legal teams. Its combination of intuitive user experience and excellent customer feedback make LawVu a stand out in the legal tech industry.”
“We’re excited for our partnership with LawVu as it continues to expand globally,” she said.
AirTree Ventures partner James Cameron proclaimed: “LawVu have found themselves with the right product, in the right market at the right time and we’re thrilled to be doubling down to support their impressive growth.
“There is a huge push across the in-house legal industry to become more digital and efficient, and LawVu is considered the leader in this space amongst many of the most tech savvy in-house legal teams in the world.
“It’s also fantastic to be investing alongside more world-class global investors like Insight to help continue to grow the business in its biggest markets in the US and Europe. As we’ve seen from other global leaders that have emerged from our region such as Canva and Linktree – there’s huge demand from global investors to invest in fast-growing Aussie and Kiwi tech businesses and this is a testament to the emerging technology ecosystems that are developing here.”