PocketLaw, a UK and Sweden-based female-led SaaS platform that lets businesses handle legal work with efficiency, has just secured €10 million in Series A funding.
The financing round was led by Atomico (that invested in ChannelEngine and Perfeggt) along with participation from prominent founders and operators, including Personio co-founder Hanno Renner and COO Jonas Rieke, Pitch founder Christian Reber, Pleo co-founder Jeppe Rindom, Gloria Baeuerlein and the dbt Labs board member and former Gainsight COO, Allison Pickens.
Existing investors of PocketLaw, including Kinnevik’s Cristina Stenbeck and Susanna Campbell also participated in the round. With this, the total funding raised by the company is €14 million.
Besides the investment, Atomico Partner Ben Blume joined the PocketLaw board.
“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” said Atomico Partner Ben Blume.
“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,” he added.
PocketLaw will use the proceeds of the funding to expand its operations across Europe and continue to scale its team of legal, technical, and operational experts. The company will continue to realise its mission to empower teams globally to manage legal needs with efficiency and ease.
What issue does PocketLaw address?
Businesses have to deal with a multitude of legal requirements, and increasing regulatory and administrative burdens. As per reports, 18% of startups fail primarily due to unmet legal needs. Also, it is estimated that the SMEs unmet legal needs are nearly worth £9 billion and the overall financial impact annually due to these legal issues is estimated to be over $50 billion in the UK.
PocketLaw, a SaaS platform was founded by Olga Beck-Friis and Kira Unger in 2018 to address this issue. It empowers every team within an organisation to create contracts and navigate legal needs with confidence.
Already, the startup is trusted by thousands of companies across Europe, including Voi, Kry/Livi, Juni, Estrid, Punchy Drinks, Babybjorn and Schibsted.
“With PocketLaw, I can be sure that we maintain our standard without having to review every single contract drafted [in the organisation]”, said David Grünbaum, Head of Legal at Babybjorn.
One-stop-shop for legal processes
Its all-in-one solution brings together all the processes and tools needed for SMEs to handle legal processes ranging from legal discovery to contract creation, execution and storage. With these tools, anyone such as non-legal and legal specialists can create contracts immediately. These can be tailored to their requirements and needs. Through PocketLaw’s platform, they can do the same at a 80% faster rate and at a fraction of the costs as compared to traditional legal services.
It guides users through steps such as discovering and navigating legal needs to suggesting actions to take on documents and contracts. PocketLaw makes handling legal processes intuitive, easy, and accessible.
PocketLaw CEO and co-founder Kira Unger said, “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.”