Leading Australian VC AirTree Joins Funding Round
Funding will strengthen startup's position as category leader for in-house legal teams
TAURANGA, New Zealand, Aug. 9, 2021 /PRNewswire/ — Legal tech startup for in-house legal teams, LawVu, announced today it has raised $17 million NZD in Series A funding led by New York-based global private equity and venture capital firm Insight Partners with support from leading Australian venture capital firm AirTree Ventures.
LawVu will use the investment to extend its category leadership. After tripling annual recurring revenue in 2020, and with more than two-thirds of recurring revenue now coming from the US and Australian markets, LawVu will hire key leadership roles in the US to drive global go-to-market, open US offices and accelerate development of its platform for corporate in-house legal teams.
"In-house legal teams perform a critical function inside every corporation," said Sam Kidd, co-founder and CEO of LawVu. "However, you'll often find that the only 'tech' they have is email and word documents, and legal teams are becoming a bottleneck, as the rest of the business leverages technology to speed up. It's incredibly exciting to be pioneering a new category and extending our leadership in this space."
"LawVu's global growth speaks volumes to its future as a business and ability to provide high-value outcomes to legal teams. Its combination of intuitive user experience and excellent customer feedback make LawVu a stand out in the legal tech industry. " said Rachel Geller, Managing Director at Insight Partners, who will also join LawVu's board. "We're excited for our partnership with LawVu as it continues to expand globally."
James Cameron, Partner of AirTree Ventures, which previously invested with LawVu earlier this year, says: "LawVu have found themselves with the right product, in the right market at the right time and we're thrilled to be doubling down to support their impressive growth. There is a huge push across the in-house legal industry to become more digital and efficient, and LawVu is considered the leader in this space amongst many of the most tech savvy in-house legal teams in the world. It's also fantastic to be investing alongside more world-class global investors like Insight to help continue to grow the business in its biggest markets in the US and Europe. As we've seen from other global leaders that have emerged from our region such as Canva and Linktree – there's huge demand from global investors to invest in fast-growing Aussie and Kiwi tech businesses and this is a testament to the emerging technology ecosystems that are developing here."
LawVu's international growth has gone from strength to strength, signing deals with world-leading enterprises which include Telstra, AMP, Linktree, Expedia, PwC and most recently San Francisco-based tech company Instacart. LawVu now has users based in more than 30 countries globally.
This investment validates what LawVu's customers have been saying about its product and team, and it will enable the company to continue with its mission of optimizing the performance of in-house legal teams, increasing the quality of in-house legal teams' engagement with the broader business.
Creating a new category for legal tech
Traditionally, the limited technology specifically available to in-house legal teams has been dominated by "point solutions" or products that solve very niche problems, but these solutions are disconnected from each other which creates inefficiency and greater risk of error. Procuring all these tools individually is a nightmare and it's almost impossible to get a holistic view of what's happening across the in-house legal function. LawVu benefits in-house lawyers but also offers tremendous value to the C-suite by providing new engagement and visibility into the work that the in-house legal team is doing.
LawVu pioneered the first truly connected cloud-based platform built specifically for in-house legal teams that provides a "legal workspace" that brings all the technology tools an in-house legal team needs into a beautifully unified experience that their customers love using every day. The platform allows teams to manage all their matters, contracts, documents, e-billing, outsourced work, and reporting from one cloud-based, secure and connected platform, with a growing ecosystem of connected third-party tools that are critical to a high-performing in-house function.
For job opportunities, visit the LawVu careers website.
LawVu's Legal Workspace is the first truly connected software platform for in-house legal teams and enables legal teams to be more collaborative and deliver high value outcomes. The unified suite of productivity and collaboration tools allows in-house lawyers to manage all their matters, contracts, documents, e-billing, outsourced work, and reporting from one cloud-based, secure and connected platform. Founded in 2015 and based in Tauranga, LawVu develops and distributes its SaaS platform to enterprise customers around the world including Nissan, Fonterra, Rocket Apples, and ZURU.
For more information, visit www.lawvu.com or follow us on LinkedIn and Twitter.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.