Lexoo raises $1.3m to connect UK small businesses with lawyers
Legal start-up secured funding from Forward Partners alongside Just Giving chairman, the founder of Vouchercodes, and Lean Investments' Tim Jackson
Tech start-up Lexoo, listed among the top 100 start-ups of 2015, has closed a $1.3m funding round led by Forward Partners to “disrupt” the legal market; taking its total investment to $1.7m.
High-profile names including Just Giving chairman Jonathan McKay, Vouchercodes founder Duncan Jennings, Lean Investments' Tim Jackson and Boris Johnson's London Co-Investment Fund also backed the round.
Launched in July 2014, Lexoo is a free on-demand marketplace which matches UK small and medium businesses such as YPlan and Hello Fresh with lawyers and claims to enable small firms to cut an average of 46% off of their legal bills.
After posting a job, businesses receive between three to four quotes (usually fixed fee) from screened lawyers with expertise in the relevant legal area.
Having processed over $1.5m in legal work over the past year with a 25% month-on-month growth rate, the start-up plans to use the news funds to boost its sales and marketing activities.
On the investment, Lexoo CEO and co-founder, Daniel van Binsbergen (pictured centre), commented: “This funding round gives us the opportunity to further accelerate our growth and help thousands more businesses find the lawyer that’s right for them.”
Forward Partners managing partner, Nic Brisbourne, continued:
“Binsbergen and the team at Lexoo have achieved an amazing amount with what was a relatively small amount of seed funding. I’m confident this new funding round gives them the runway to pull the legal services industry into the 21st century.”