Online legal marketplace Lawpath has raised $4.4 million as it looks to push into Asia.
Adcock Private Equity lead the round, which was oversubscribed and saw existing backers Pollenizer Investments, LegalZoom, Fort Street Advisors, Machdoch Ventures and Nick Abrahams, now head of innovation at Australian lawfirm Norton Rose Fulbright return
The Sydney legaltech startup previously raised $1.8 million last year in an equity deal with US online law pioneer LegalZoom and $1.3 million in 2015.
Lawpath launched in 2014 as an affordable online alternative for legal work and initially targeted the startup and small business sectors. It now has more than 80,000 clients.
Coinciding with the raise, Lawpath launched a new Legal Advice Plan offering businesses lawyers on demand for a $49 monthly fee, as well as an online eSignature tool to sign documents online.
CEO Dominic Woolrych said the company’s goal is to become the “Xero of Law”.
“This funding allows us to accelerate our growth here in Australia and move up into Asia,” he said.
“Over 2 million Australians visit Lawpath each year to find legal help. Both clients and lawyers can sign up for a free trial of the platform, which has now been used by roughly 1% of Australian SMBs.”
Woolrych said Australians were embracing legal technology the way they’ve taken to online banking
“We hope with this capital we can continue to help everyday Australians get the legal help they actually need, but often neglect due to cost and complexity,” he said.
“Over 87% of businesses still struggle to engage or access legal services. The Lawpath platform tackles this problem head on with DIY tools, registration and a marketplace of 1000 online lawyers.”