British startup Apperio, a legaltech startup helping companies change the way they analyse their legal spend, has won a $10 million series A funding round led by Draper Esprit, supported by existing investors Notion, IQ Capital, and angels.
Clarity for general counsel
The company plans to use the money for international expansion. At the same time, the firm in the process of setting up a new London office in Holborn, the heart of the city’s legal district. As part of the investment, Richard Marsh from Draper Esprit will be joining the board. Apperio works with corporate customers, including Just Eat, Network Rail, Deliveroo and Monzo to provide transparent real-time analytics of their external legal costs and monitor law firms’ performance. The technology can also be used by in-house legal teams to manage budgets and demonstrate value. Apperio’s founder Nicholas d’Adhemar stated, ‘with only 13% of legal departments describing their spend management approach as ‘optimised’ and 25% of legal departments not using any legal technology at all, there is a huge opportunity to provide clarity to general counsels and gather accurate, real-time insights that enable better decision making and help reduce legal expenditure.’
Founded in 2013, Apperio currently employs 20 people, and is working to establish a physical presence in the US by mid-2019. Its cloud app offers customers live feeds with data from external law firms, updated daily. The company states that it’s already covering 80 percent of legal companies in the UK and eight of the top ten US firms, and claims to have tracked 47,000 matters and £2.2bn of fees. Apperio was set up in 2013 when Mr d’Adhemar identified the negative impact of outdated approaches to billing and finances on the legal industry.