Lawpath CEO Dominic WoolrychAustralian Legal Startup Lawpath Closes $3 Million Funding Round
Funds from the oversubscribed round will be used to further develop new products, increase marketing, and expand the business in Australia and into Asia.
November 06, 2019 at 02:51 PM
2 minute read
Australian legal startup Lawpath has raised A$4.4 million ($3 million) in what it said is one of the largest funding rounds for legaltech in Australian history.
Funds from the oversubscribed funding round will be used to further develop new products, increase marketing and expand the business in Australia and into Asia.
Founded in Sydney in 2014, Lawpath targets small and medium-sized businesses with an online legal services platform, which it said provides "quality legal solutions – for a fraction of the time, cost and complexity of the traditional system".
The firm said it keeps costs down with technology and by tapping into the spare capacity in Australian law firms.
The funding round came as the company launched its Legal Advice Plan, which it said gives Australian businesses access to a lawyer on demand for a monthly fee of A$49 ($34).
Lawpath CEO Dominic Woolrych said there has been a shift in attitudes towards online and less-traditional legal services.
"Australians are embracing a new wave of legal technology, which, similar to online banking or accounting, has made this core service accessible online. 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 1,000 online lawyers."
Adcock Private Equity led the oversubscribed round, which included Pollenizer Investments, LegalZoom, Fort Street Advisors, Macdoch Ventures and Norton Rose Fulbright's head of innovation, Nick Abrahams.
"It's fantastic to again receive the backing of our current investors. This funding allows us to accelerate our growth here in Australia and move up into Asia," Woolrych said.
He said that more than two 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 small and medium-sized businesses.
Lawpath did not reveal a company valuation.
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