LegalTech startup Juro has closed a $750,000 Seed funding round from investors including Seedcamp.
The London-based startup also attracted support from Berlin-based Point Nine Capital and various high profile investors including Paul Forster, co-founder of Indeed.com; and Michael Pennington, co-founder of Gumtree.
Juro, which uses machine learning algorithms to understand the rich data found within contracts, claims to help its customers save 90% of the time spent on these documents.
Richard Mabey, the CEO, commented on the raise and spoke about the startup’s mission: “Juro is all about redesigning the way that businesses interact with contracts, with technology at its core. Over time, advances in AI are going to transform legal processes. Clearly technology can make contracts more efficient but we say it can make contracts smarter and, dare we say it, even delightful.”
The money, a statement said, will be used to build the startup’s machine learning infrastructure.
Reshma Sohoni, founding partner at Seedcamp, commented on the firm’s investment in the startup: “We were hugely impressed when we met Richard and the founding team at Juro and backed their pre-seed round in early 2016. The traction they’ve built over the past year and calibre of businesses they’ve signed up is testament to the fantastic solution they’ve created to tackle the painful, time intensive and costly business of dealing with contracts.
“We’re excited to continue supporting their growth in the LegalTech sector, that’s ripe for disruption, and alongside a group of top tier investors,” she added.
Christoph Janz, a partner at Point Nine Capital, said he was extremelly excited about Juro’s vision to digitise legal processes and its ambition to leverage machine learning to make contract management much smarter.
“As a VC firm we’ve seen our fair share of paper-based contracts, and we’re looking forward to supporting Richard and his team on their journey to bring contract management to the 21st century!” he concluded.