Legaltech firm PocketLaw today announced the closure of a €10 million Series A round lead by European VC firm, Atomico.
Targeting legal services for SMEs, PocketLaw’s SaaS platform offers contract creation, legal discovery, execution, storage, and other management tools, the firm already works with startups across Europe such as Voi, Livi, Juni and Estrid.
The round comprises prominent founders and operators including Pleo co-founder Jeppe Rindom, Gloria Baeuerlein, Personio co-founder Hanno Renner and COO Jonas Rieke, Pitch founder Christian Reber, and the dbt Labs board member and former Gainsight COO, Allison Pickens. Atomico partner Ben Blume will join the board as part of the investment, with the raise bringing PocketLaw’s total funding to €14 million since founding in 2018.
On the announcement, Blume stated: “This is the first time we have seen a tool really designed with the needs of business owners in mind, empowering them with access to everything they need in one place, in a world where most teams are still forced to buy multiple fragmented solutions, work in silos, or pay high legal fees to outside experts.
“Kira and Olga have built an amazing team at PocketLaw, bringing world class commercial, legal and technical experience from Slack, LinkedIn, Google, Zalando, KRY, Spotify, Acast, Mannheimer Swartling and Hogan Lovells. They are all aligned around the belief that businesses can alleviate huge burdens by making everyday legal more intuitive and efficient - lessening cost, risk, and wasted time in the process.”
PocketLaw CEO and co-founder Kira Unger added: “The majority of day-to-day legal work is simple, recurring tasks - despite this businesses currently spend an endless amount of time and resources handling contracts manually and inexpertly, and spend a considerable sum of money soliciting professional legal advice. Using technology to build scalable, user-friendly tools is the only way companies will be able to maintain speed whilst keeping up with an increasingly complex regulatory landscape. We estimate that our customers save up to fourteen working weeks and up to $200,000 in legal fees a year by using our intuitive, tech-enabled solutions.”