Stephen Turner, Lawyers of Tomorrow News
New video on YouTube
LegalTech startup Juro gets $2m Seed funding. This is great new for legal design innovators Juro!
In this news update, Lawyers of Tomorrow talks to Juro’s CEO, Richard Mabey, about $2m funding. This video is a follow up to our podcast Legal Design: Building an Exceptional Customer Experience https://youtu.be/BlhUkTKMtDc
In this video Richard and I cover the following:
– what is legal design: legal design theory and principles of legal design
– what is a legal design approach
– legal design for lawyers i.e. what is legal design thinking in action
– why do legal service providers need to focus on good legal design
– how we can improve law by design thinking and spreading legal design ideas
– legal design academics, including the Legal Design Lab Stanford
– legal design at Juro: legal design innovation
FOR FURTHER INFO ABOUT JURO AND LEGAL DESIGN THINKING
Juro wins the 2017 LegalGeek award
Writing privacy notices people will actually read: A GDPR legal design challenge
Legal design sprints: the cheat code to better processes?
Design patterns for contracts: or how you’ve been doing contracts wrong this whole time (and how to fix it)
How in house lawyers can benefit from legal design
LEGAL DESIGN INTERDISCIPLINARY LAB BASED AT STANFORD LAW SCHOOL
Home page http://www.legaltechdesign.com/
FULL TEXT OF JURO PRESS RELEASE
Juro signs $2m in funding to make contracts more human
- Juro has raised $2m in seed funding led by Point Nine Capital
- Contributions from Seedcamp and founders of TransferWise, Gumtree and Indeed
- Building the next generation contract management platform
- Pioneering new ‘legal design’ approach to contracts
- Using machine learning to speed up contract workflow
- Legal tech is booming with the industry valued at $800bn and London becoming a hub
London, 9 April 2018
Juro has raised $2m in seed funding for its next generation contract management platform, taking total funding to $2.75m.
The round was led by Berlin-based Point Nine Capital, with contributions from Seedcamp, Taavet Hinrikus (cofounder of TransferWise), Michael Pennington (co-founder of Gumtree) and the family office of Paul Forster (co-founder of Indeed).
Founded in 2016 by Richard Mabey (CEO), a former Freshfields corporate lawyer who worked with LegalZoom and Pavel Kovalevich (CPO), an ex Accenture software engineer, Juro has seen rapid growth since launching in 2017 and now counts Estee Lauder, Deliveroo and Nested among its clients.
The funds will be used by Juro to build its team across its London and Riga offices and double down on its machine learning infrastructure. Naturally, the round was agreed through Juro…
Contracts are agreed at some of the most important moments in a business’ life: bringing on a key hire, closing a customer…but the way contracts are designed and the process for agreeing them do not do these moments justice. Juro believes that contracts can be faster, smarter and more human.
Juro is pioneering a design centric approach to contract workflow, with contracts that are designed for the end user, not just written by lawyers for lawyers. Picture visually engaging contract templates for your business integrated into CRM and other business systems, intuitive commenting tools and seamless e-signing, while leveraging AI-enabled analytics to help keep track of contracts, understand patterns in negotiations and automatically extract contract data.
Juro focuses on businesses generally with high volumes of contracts (marketplaces, for example) who often sign hundreds of contracts per month.
The legal tech market
According to Thomson Reuters, the US corporate legal market alone is worth $160 billion, yet the legal industry is undergoing unprecedented change. The most forward looking legal teams are starting to use technology to automate processes and deliver more efficient and effective services (more here).
As the legal tech market has developed, more than $3bn a year is being spent on legal tech software but most of the AI enabled software (like Kira, Luminance and Beagle) is being bought by law firms for due diligence use cases. Other than e-signing tools and legacy contract management software, corporate legal teams have few genuinely smart options to manage contract workflow.
Commenting, Juro CEO Richard Mabey said:
“I’ve spent my whole career working with contracts in one way or another and always been bothered by the total lack of design thinking in the way contracts are agreed. Contracts should not be written by lawyers for lawyers – they should be engaging, useful and designed for the end user. We’re making contract workflow faster, smarter but also more human.”
Rodrigo Martinez (Partner at Point Nine Capital) added:
“Since we first met Richard and Pavel, we have been very excited about their vision for a more human and design-centric approach to contracts. As a VC firm managing hundreds of contracts a year, we feel the pain of the current processes. We look forward to continuing to support them in upgrading legal processes.”
Paul Forster (Cofounder of Indeed) added:
“Juro’s pioneering approach to contracts is changing the way businesses interact. Contracts form the basis of many of our most important relationships and Juro’s design centric approach is making them unique, pleasant and even enjoyable – a radical improvement for legal teams. I’m delighted to be part of it.”
www.juro.com | tw: @GetJuro
NOTES TO EDITORS
- Juro (www.juro.com) was founded in 2016 by Richard Mabey (an ex lawyer from Freshfields who worked with LegalZoom) and Pavel Kovalevich (a software engineer with an exit under his belt).
- Headquartered in London and with an office in Riga, Juro has won multiple prizes including the 2017 LegalGeek award.
- Juro counts the likes of Estee Lauder, Deliveroo, Farmdrop, Unbabel, Nested and Hostmaker as customers.
- Juro’s story forms part of a wider narrative around ‘LegalTech’, which is increasingly seeing London as its hub. LegalTech startups seek to improve and disrupt the $800bn global legal services market.
- Point Nine Capital is a Berlin-based venture capital firm focused on early-stage investments in the areas of Software-as-a-Service (SaaS), marketplaces and mobile across Europe and North America. The fund and its managers have backed a number of highly successful SaaS companies including Zendesk, Typeform, Clio and Algolia from their earliest stages. (www.pointninecap.com | @pointninecap).
- Seedcamp is Europe’s leading first round fund, backing the most ambitious founders at pre-seed and seed stages and providing them with the network, capital and learning to scale valuable, global businesses. Seedcamp was founded in 2007 to help European startups bridge the gap between knowledge and capital. Today, Seedcamp invests in startups from all over the world and has backed over 230 companies across a wide range of sectors. (www.seedcamp.com | @seedcamp).
- Paul Forster is an investor in early-stage technology companies, in consumer, B2B and fintech. He co-founded Indeed and was CEO until the company’s acquisition. Indeed is the leading job site globally, with over 200 million unique monthly visitors in 60 countries. Paul previously co-founded the leading job site for financial professionals.
- Michael Pennington co-founded Gumtree in 2000, which was later sold to eBay. He subsequently co-founded Slando, which was acquired by Naspers. He is an active angel investor based in London.
- Taavet Hinrikus is co-founder and chairman of TransferWise. Prior to starting TransferWise, Taavet was Skype’s director of strategy until 2008, starting as its first-ever employee. One of the World Economic Forum’s Tech Pioneers, Taavet is an adviser to Prime Minister of Estonia on the digital agenda. He’s also a mentor and angel investor; his investments include Tweetdeck, Mendeley, OMGPOP, PropertyPartner, Sunrise, Improbable and Mapillary.