The funding round was led by a New York-based PE firm and supported by an Australian VC firm
In-house-focused legaltech startup LawVu has received $17m in a Series A funding round.
The round was led by global private equity and venture capital firm Insight Partners, which is based in New York, and supported by Australian venture capital firm AirTree Ventures.
“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,” said Rachel Geller, Insight Partners managing director and incoming board member at LawVu. “We’re excited for our partnership with LawVu as it continues to expand globally.”
LawVu said that it will apply the funds raised towards extending its category leadership, appointing key leaders in the US to “drive global go-to-market, open US offices and accelerate development of its platform for corporate in-house legal teams.”
The company tripled its annual recurring revenue last year, with the US and Australian markets fuelling the lion’s share of the revenue.
“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,” AirTree Ventures partner James Cameron said. “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.”
Cameron added that the influx of global investors like Insight Partners would help expand LawVu’s presence 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,” he said.
LawVu said that the investment “validates what LawVu’s customers have been saying about its product and team,” and would allow the company to “continue with its mission of optimising the performance of in-house legal teams, increasing the quality of in-house legal teams’ engagement with the broader business.”
“In-house legal teams perform a critical function inside every corporation. 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,” LawVu co-founder and CEO Sam Kidd said.
