Lawpath gets $4.4m funding boost
Australian legal startup Lawpath recently closed a $4.4 million oversubscribed fundraising round, which its CEO says reflects a change in attitude towards the online sphere and away from traditional legal services.
Earlier this month, Lawpath had what it called “one of the largest capital raises for legal tech in Australian history”, closing at $4.4 million in an oversubscribed round.
Adcock Private Equity lead the round with Pollenizer Investments, LegalZoom, Fort Street Advisers, Macdoch Ventures and Norton Rose Fulbright head of innovation Nick Abrahams also onboard.
Lawpath CEO Dominic Woolrych said it was “fantastic” to once again receive backing from its investors.
“This funding allows us to accelerate our growth here in Australia and move up into Asia. It takes us one step closer to our goal of being the ‘Xero of Law’,” he posited.
“Over two million Australians visit Lawpath each year to find legal help. Both clients and lawyers can sign up for a free trial of the platform, which has now been used by roughly 1 per cent of Australian SMBs.”
Since 2014, Lawpath has been a pioneer in the booming Australian legal technology scene, providing online legal solutions at a fraction of the time, cost and complexity of the traditional system. The company’s capital raise follows a broader global trend towards embracing legal technology, in which more than $1.9 billion was raised last year.
Mr Woolrych added that the company’s capital raise “follows a broader global trend towards embracing legal technology, in which more than $1.9 billion was raised last year”, and that Lawpath’s latest funding round reflects a shift in attitudes towards online and less traditional legal services.
“Over 87 per cent of businesses still struggle to engage or access legal services,” he noted.
“Australians are embracing a new wave of legal technology, which, similar to online banking or accounting, has made this core service accessible online. We hope with this capital we can continue to help everyday Australians get the legal help they actually need, but often neglect due to cost and complexity.”