Stockholm-based PocketLaw, a company on a mission to empower organisations to succeed by providing an affordable solution for all things legal, announced on Monday that it has raised €10M in its Series A round of funding.
This round brings the company’s total raised capital to €14M.
The legaltech startup will use the funds to expand its operations across Europe, as well as to continue scaling its team of legal, technical, and operational experts. In doing so, the company continues to realise its mission: to empower teams globally to manage legal needs with efficiency and ease.
Investors in this round
The Series A round was led by Atomico. The firm invests in ambitious tech founders at Series A and beyond with a particular focus on Europe, leveraging deep operational experience to supercharge their growth. The firm currently has $4B in assets under management.
Ben Blume, Partner at Atomico, will join the PocketLaw board as part of this deal. Blume says, “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.”
Besides Atomico, prominent founders and operators who participated in this round include 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, Kinnevik’s Cristina Stenbeck and Susanna Campbell, also invested in this round.
Helping streamline contract creation and management
Founded in 2018 by Olga Beck-Friis and Kira Unger, PocketLaw is a SaaS platform for contract creation and management with hundreds of templates that empowers every team within an organisation to create contracts and navigate legal needs.
PocketLaw’s automation guides users along every step of their legal creation journey. From discovering and navigating legal needs to suggesting actions to take on documents and contracts, PocketLaw claims to make legal intuitive, easy, and accessible.
Non-legal and legal specialists alike can create contracts immediately, which are wholly tailored to their requirements and needs. PocketLaw claims that by using its platform, users can do so 80 per cent faster and at a fraction of the costs of traditional legal services.
Kira Unger says, “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 $200K in legal fees a year by using our intuitive, tech-enabled solutions.”
Currently, the company helps more than 1,000 SMEs and startups across Europe to optimise their legal processes, including BabyBjorn, Voi, Kry/Livi, and Estrid.