London legal tech startup secures more than $5 million in funding
Juro, a contract management platform, has managed to secure $5.25 million worth of funding in a Series A round, led by the backers of Twitter and Stripe, Union Square Ventures (USV).
New York-based USV has made an uncommon decision to reach across the Atlantic and invest in legal tech - ensuring Juro can secure its data proposition, triple the size of its product team and expand its growing customer base in the EU and US. John Buttrick, a partner at USV, will join the Board.
They were joined in investing in the platform by names like Point Nine Capital; Seedcamp; Taavet Hinrikus, Co-founder of TransferWise; and Paul Forster, Co-founder of Indeed. It takes Juro’s total funds raised to $8m.
Juro helps businesses agree contracts up to 96% faster than using manual processes and gives deep insight into contracts post-signature. It draws upon machine learning to make static legal contracts dynamic agreements which are designed to integrate into existing systems.
Founded in 2016, it is the brainchild of Richard Mabey and Pavel Kovalevich (above). It now has offices in both London and Riga, Latvia, and has worked with clients including Deliveroo, Skyscanner, Babylon Health and Reach.
Mabey said: “Contract management systems are invariably designed by lawyers for lawyers. We’re rebuilding contracts for the end user. We’re delighted to partner with USV as we execute on our vision to transform legal contracts into dynamic, modular agreements that reflect and empower business relationships. It’s great to see so many businesses supporting this approach and joining our community.”
Buttrick, USV Partner, said: “We look for founders with products equipped to change an industry. While contract management might not be new, Juro’s transformative vision for it certainly is.
"There’s no greater proof of the product’s ease of use than the fact that we negotiated and closed the funding round in it. We’re delighted to support Juro’s team in making their vision a reality.”