Stockholm-based cloud-based contract management software PocketLaw has secured around 11 million dollars in a Series A from London-based venture capital firm Atomico. This is Londonder firm’s fourth investment in Sweden. With its all-in-one solution to legal challenges of the companies, the Swedish company aims to simplify business operations, help SMEs and startups boost their growth and back them when they need legal support regardless of their size, finances or experience. To date, the company has raised a total of $14M in funding. With the latest capital injection, it will be able to expand more across Europe. Ben Blume is also joining the board.
Atomico’s Investment in PocketLaw: Modernising Legal Work for SME’s
It’s impossible for business owners to build and operate a successful business without first mastering the multitude of legal processes that come their way on a daily basis. From managing hiring, to sales, to data privacy, solid legal processes give businesses control, security, and defensibility.
But despite the fast-moving nature of SME businesses, the way legal work is managed has largely remained resistant to change. Comparable areas such as HR, data tooling, and financial planning have all benefited massively from tech-enabled solutions and automations in recent years. In stark contrast, the handling of businesses’ legal needs is still archaic. No dedicated legal software exists for most SMEs, leaving owners beholden to expensive, professional legal advice, or risky and time-consuming manual problem-solving.
The founders of PocketLaw, Olga Beck-Friis and Kira Unger, experienced these frustrations first-hand, but from different sides of the spectrum. Kira, an M&A lawyer at Mannheimer Swartling, remembers long, frustrating nights spent doing repetitive, standardised legal work for clients and thinking there must be a simpler way. Meanwhile, Olga, a consultant at McKinsey, witnessed the immense potential of digitisation and its benefits in other industries, and wondered why legal work hadn’t undergone a similar transformation.
After swapping stories, Olga and Kira together founded PocketLaw, Atomico’s latest Series A investment. PocketLaw is a SaaS platform which empowers businesses to handle legal work with efficiency and ease. PocketLaw’s all-in-one solution brings together all of the processes and tools needed for SMEs to handle legal on a day-to-day basis – from intuitive legal guidance, to custom contract creation based on hundreds of up-to-date templates, execution and storage.
“I first met Kira Unger & Olga Beck-Friis in a window-less room that they sublet from Kira’s old employer Mannheimer Swartling after they just raised their first small angel round. It was even darker than usual in Stockholm, but the product vision was already so clearly visible. Kira and Olga are incredibly ambitious, display original and contrarian thinking, and can fill even the smallest & darkest Stockholm meeting room with pure excitement and energy.” says Andreas Helbig, Principal at Atomico.
In an increasingly complex regulatory landscape, the PocketLaw team estimates that SMEs can save up to fourteen working weeks and up to $200,000 in legal fees a year by using more intuitive, tech-enabled solutions.
At its heart, PocketLaw’s platform is built with the SME user in mind, and is focussed on tackling the simple, recurring tasks that make up so much of day-to-day legal work. Non-legals and legals alike can create contracts immediately which are completely tailored to their requirements and needs – 80% faster and to a fraction of the costs of traditional legal services. Underpinning the platform is proprietary content and automations that guide users along every step of their legal creation journey. From discovering the intricacies of complex legislation, to providing various options to choose from to create documents and contracts, PocketLaw makes legal intuitive, easy, and accessible.
From Atomico’s release: “We are delighted to partner with PocketLaw as the team embarks on transforming the huge burdens businesses can face when handling legal needs – delivering the high-quality, modern legal support that business owners deserve.”