LawTech startup Apperio raises $10m investment
Written by Hannah McGrath
Apperio, a legal tech start-up offering analytical technology to FTS100 companies, has raised $10 million in a Series A funding led by Revolut backer Draper Esprit.
The automated, cloud-based technology, which enables clients including Just Eat and Network Rail to track and run analytics on legal spend in real-time, has seen revenues grow by 300 per cent in the past 12 months and has grown its team to 20 people.
Apperio founder Nicholas d’Adhemar, a former in-house and private practice lawyer, said his product enables companies - which typically spend between 1-2 per cent of their annual turnover on legal fees - to effectively monitor their billable hours and access fees data and analytics.
He added: “With only 13 per cent of legal departments describing their spend management approach as ‘optimised’ and 25 per cent of legal departments not using any legal technology at all, there is a huge opportunity to provide clarity to general counsels and gather accurate, real-time insights that enable better decision making and help reduce legal expenditure.”
Apperio claims to receive data streams from law firms covering 80 per cent of the UK legal market, providing corporate legal departments with exposure and price information around the clock.
The funding round was supported by Apperio’s existing investors Notion, IQ capital and other angel investors.
The company said it will use the funding to support its growth plans, including a focus on commercial and customer success organisations to promote international expansion. The firm will also move into a new office in Holborn, the heart of London’s legal district.
Richard Marsh, from Draper Esprit, who led the funding round, will join Apperio’s board to join the next phase of growth. He said: “Apperio’s software is transformative in the way in which law firms and their corporate clients can interact.”