Legal services platform Lawbite secures £172,000 in oversubscribed Crowdcube pitch
188 investors back virtual law firm to support growth plans
Online legal service Lawbite has announced that it has closed £172,100 through equity crowdfunding site Crowdcube, over-funding its original target by 43%.
The campaign, which launched last month, attracted 188 investors who will now receive an equity share of 9.29% in the company.
Founded in 2011 by barrister Clive Rich, London-based Lawbite offers “simple law for small companies” providing plain English legal documents and a virtual law firm through its web-based platform.
It has several partnerships with leading barristers and affiliates in the UK and says it has trebled its profit target for the third year in a row.
The investment, which it intends to use to build “more lucrative partnerships and opportunities”, marks its second successful crowdfunding campaign after raising £240,000 through Crowdcube in May last year.
Speaking last month whilst the funding pitch was underway, Lawbite founder and chairman, Rich, said: “Once again, we are thrilled with the public interest and confidence in LawBite.
“It further strengthens our belief that our business model is crucial to ensuring modern small businesses thrive. We hope that this new investment will bolster our offering of a low-cost and easy to understand legal service, not only to the five million small businesses in the UK, but also across the globe.”