Lexoo, which is a London, United Kingdom based startup which provides the curated legal marketplace today in a report has announced that they have raised an amount of $4.4 Million in the funding round of series A.
The round was led by some of the leading investors who include the Earlybird, in collaboration with the Forward partners and Ned staple, General Counsel at Zoopla Property Group and some of the others. The company as of now has a plans to use the funds to bolster its business development team, develop new innovative technologies as an in-house team and business development team to enable its lawyers to work more effectively and efficiently
The company which is founded and led by the Daniel Van, who also served as CEO, Lexoo is mainly a data-driven marketplace which allows the in-house lawyers to identify the boutique firms from a global network simply. Its clients compare and then hire the lawyers who bid competitively for their work by just submitting the quoted fees. With the help of its algorithm, the platform matches the lawyers to the client and the job specifications, which also eliminates the problem associated with finding and instructing an appropriate lawyer.
After its launch in the market, the company has served around more than 3000 business across the globe to hire lawyers from a panel of low overhead boutique firms.
“We’re seeing a new generation of in-house lawyers challenging established practices of big firms and looking for alternatives. Indeed there is a growing realization that smaller specialist firms are not only more cost effective but also provide superior service. Meanwhile, larger corporates are increasingly hiring legal operations managers to review procurement practices and bring down legal costs. All of this is extremely encouraging for Lexoo,” continues Daniel van Binsbergen, co-founder and CEO at Lexoo.
“Lexoo is a great way to source and engage quality lawyers, worldwide. We have used Lexoo for a variety of work, from getting quotes for one-off pieces of advice to helping us take on larger projects, enabling our team to achieve what we want to achieve”, explains Katherine Chandler, COO and General Counsel EMEA in a report.
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