Sydney investment firm Quadrant Private Equity has made another foray into startups, with plans to take an equity stake in Legal Vision.
The size of the investment was not disclosed, but it’s the first from the Sydney PE firm’s latest and 10th fund, the $660m Quadrant Growth Fund 3, which looks to invest between $50 million to $100 million in a business.
LegalVision, founded in 2012, offers fixed-price legal services subscriptions for startups, small business and others, and has a 30% annual growth rate.
The cash injection will be used for continued expansion in Australia, New Zealand and the UK.
Quadrant has made ongoing investments in startups, including the online retailer Adore Beauty, and Kristy Chong’s Modibodi, taking a stake in 2019 before the underwear maker wss acquired by a Swedish company in 2022 for $140 million.
They also owned and sold the Canberra Data Centres in 2016 for $800 million.
Last year they made a record $500 million investment in Canva, for around 1.2% of the business.
Other Quadrant deals include the Fitness First gym chain, media monitoring business iSentia, boiling water brand Zip – whose late founder created the Michael Crouch Innovation Centre at UNSW, furniture retailer Super A-Mart and Barbeques Galore.
Quadrant’s Marcus Darville and Peter Elkhouri will join the LegalVision board.
The legal tech startup also plans to invest in its team, technology and product.
CEO Lachlan McKnight said Quadrant’s investment will accelerate their growth plans.
“Quadrant is the ideal partner to ensure LegalVision is well-positioned to be a driving force in the legal sector,” he said.
“This new chapter will allow us to enhance our offering and ensure that our clients continue to enjoy a market-leading experience.”
Elkhouri, Quadrant’s investment director, said they’d been tracking the 13-year-old startup, which raised $1.2 million in a Series A in 2015, for some time.
“We have been highly impressed by the team and the way they are disrupting the large and fragmented B2B legal services industry,” he said.
“The business now has +4,500 active clients and is growing +30% p.a. with its disruptive technology-driven model. We are excited to be partnering with Lachlan and the team to help further drive growth.”
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