London-based contract automation platform Juro has raised $23m (£16.9m) in a Series B funding round. The funding was led by Eight Roads, a global venture capital fund that has previously invested in Alibaba, Cazoo and Appsflyer.
Juro did not disclose its current valuation but claims it has increased over fivefold following the raise. The startup said it will use the capital injection to expand its business into the US and Europe.
Existing investors Union Square Ventures, Point Nine Capital and Seedcamp provided extra funds to the Series B round. Wise co-founder Taavet Hinrikus also participated in the funding round.
Juro provides an “all-in-one” contract automation platform for legal counselling. Its technology brings a company’s legal documents and contracts into a single web browser where staff can create, approve, sign and manage contracts. The company says it provides an alternative to having multiple legal applications.
The company is currently operating in over 85 countries and claims to have over 6,000 companies as its clients. Some of its customers include food delivery app Deliveroo, online car marketplace Cazoo, review site Trustpilot and retailer TheRealReal.
Juro will use the funding to develop its platform and improve the user experience. The legal tech startup will also ramp up hiring as it accelerates its go to market strategy. The startup currently has offices in London, UK, and Riga, Latvia, along with a remote hub. It is hiring in all locations.
“We started Juro in order to make legal contracts frictionless and accessible to everyone,” said Richard Mabey, CEO and co-founder of Juro. “In the last 12 months our customers have processed more than 250,000 contracts in Juro, without leaving their browser. This has saved customers millions of hours of time and helped them to agree terms faster than ever. We are delighted to partner with Eight Roads as we scale up.”
The latest funding round for the legal tech startup comes after its $5.25m Series A round in 2020, which was led by Union Square Ventures (USV). With the new investment, its total funds raised to date are up to $31.5m.
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