London-based legal startup Lawhive has added $40 million to its coffers in a new fundraising that attracted a diverse group of investors.
The startup’s Series A round was co-led by Silicon Valley giant Google Ventures (GV) and New York’s TQ Ventures.
And they were joined by the London-based investors Balderton Capital, Jigsaw, and Episode 1, as well as Manchester United’s Harry Maguire and Chelsea’s Reece James.
Lawhive did not disclose the valuation at which the funds were raised.
Earlier this year, the startup had raised nearly $12 million in a seed round that was also led by Google Ventures.
Lawhive said Thursday that it intends to use the freshly raised capital to accelerate its expansion into the U.S., where the consumer legal market is estimated to be worth $130 billion.
“By augmenting the work of human lawyers with our technology, we’re addressing a critical need in the U.S. market and unlocking new opportunities for millions of U.S. attorneys,” Lawhive’s cofounder and CEO Pierre Proner said in a statement.
Proner cofounded Lawhive in 2019 with Jaime Van Oers and Flinn Dolman with the aim of making legal services more accessible and affordable.
The startup has developed an AI-powered platform that automates routine administrative tasks for lawyers, reducing costs for customers by up to 50%, the company says.
A key feature of the platform is a bot called “Lawrence,” which is designed to assist with work that would often be performed by paralegals or junior lawyers. Lawhive said that it put Lawrence to the test and found it was able to match the performance of human lawyers by passing part one of the Solicitors Qualifying Examination (SQE).
Lawhive also operates a marketplace that pairs prospective clients with lawyers at what the startup says are lower rates than those offered by traditional law firms.
Google Ventures’ partner Vidu Shanmugarajah, said, “As a lawyer by background, I’ve been impressed with Lawhive’s unparalleled technology and vision to move the legal industry into the modern era. We’re excited to double down on our investment as Lawhive brings its model to the U.S. and beyond.”
