London-based legal startup Lexoo has raised $400,000 in funding. The investors were Forward Partners and JustGiving Chairman Jonathan McKay.
Lawyer-matching service Lexoo has secured $400k (£260k) from startup catalyst Forward Partners and Jonathan McKay, chairman of JustGiving.
The London-based startup lets businesses get multiple fixed price quotes from hand-picked lawyers, saving businesses an average of 46% on legal fees.
Since launching in July 2014, Lexoo is growing quickly at 30% month on month user growth, with more than a 1,000 quotes generated through the platform so far.
“We’ve been working with Lexoo from day one and are very excited about where they are headed. Their combination of better pricing and superior experience for customers is a potent weapon.” says Forward Managing Partner, Nic Brisbourne.
Legal startups are coming
Lexoo is one of few legal startups tackling the legal services market in the UK (worth £25.6 billion per year*) giving it a significant head start.
“And that’s just the tip of the iceberg,” says CEO Daniel van Binsbergen. “On a global scale, legal startups attracted some $750M in funding over 2013/14. They’re aiming at a £716 billion global market – the opportunities are everywhere,” he explains.
With businesses pushing back on stratospheric rates and significant inefficiencies that plague the legal sector, startups like Lexoo are gaining traction in a market that’s traditionally seen as a technology laggard.