UK’s Apperio secures €6.5M to optimise law firms spendings: Here’s how

London-based Apperio, a provider of legal spend analytics and matter tracking software, announced on Tuesday that it has secured $7M (approximately €6.5M) in a growth funding round led by Molten Ventures.

Notion Capital, IQ Capital, Nextlaw Ventures, Volution, and Hambro Perks also participated in the round. 

The latest funding round brings the company’s total funding raised to $19.9M. 

“It’s no secret venture funding has slowed across technology sectors,” says Apperio Non-Executive Chairman David Eldridge. “That Apperio closed on funding with both new and existing investors, in this environment, speaks volumes to the company’s unique position in the legal technology sector, the value the company is delivering to customers, and the significant opportunities ahead.”

Apperio: What you need to know

The company’s CEO Nicholas d’Adhemar, a lawyer turned private equity investment manager, founded Apperio after experiencing huge transaction fees for his PE firm from outside legal service providers, which would frequently exceed the cost of the initial estimate. 

Apperio provides in-house counsel with a comprehensive view of its legal spending on a single dashboard. 

Its legal spend management platform aggregates and analyses historical and current legal spending, including law firm work-in-progress (WIP) / accruals, and provides a streamlined invoice approval workflow. 

Apperio says that in-house lawyers and legal operations can see when the budget for a given legal matter meets a certain threshold in real time. This empowers in-house counsel to control and optimise their spend with law firms, ahead of the invoice.

The company works with private equity ranging from boutique PE firms like Epiris to global giants like EQT. The platform has more than 60 corporate counsel customers today. 

Customers include Network Rail, Cornerstone, Phoenix Group, and Royal London. 

“We’re deeply grateful to our investors whose commitment has enabled Apperio to think differently about this enduring problem of transparency in the business of law,” says d’Adhemar. 

“We’re looking forward to their continued collaboration in this next chapter as we build out our legal spend management software and strive to strengthen the relationship between corporate counsel and their law firms,” he adds.