Juro, a LegalTech startup, has raised $750,000 in its seed funding round from a clutch of investors including Seedcamp. The London-based startup also raked in support from Berlin-based Point Nine Capital and numerous high profile investors including Paul Forster, co-founder of Indeed.com, and Michael Pennington, co-founder of Gumtree.
The highlight of Juro’s platform is that it uses machine learning algorithms to understand the rich data found within contracts, which in turn serves to help its customers save 90% of the time they would otherwise spend on these documents.
Richard Mabey, the CEO, commented on the fund-raise and also threw light on 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.
According to a statement, this capital infusion 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.
She added that the excitement to continue supporting their growth is high, since the LegalTech sector is one that is “ripe for disruption” and is belied not least by the fact that the startup has managed to reel in “a group of top tier investors.”
Christoph Janz, a partner at Point Nine Capital, also expressed optimism about Juro’s vision to digitise legal processes and its ambition to leverage machine learning to make contract management much smarter. He commented:
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!
