French in legaltech fundraising boost
Legaltech gets a boost as Legalstart raises between 15 and 20 million euros, which firms says is the largest investment in France to date.
Legalstart has raised between 15 and 20 million euros from ISAI, a fund for French digital entrepreneurs in the largest fundraising event for a legaltech in France. The funding has been done through the ISAI growth equity fund ISAI Expansion II.
Created in 2013 by Timothee Rambaud and Pierre Aidan, Legalstart.fr is an online solution for the creation of legal documents and administrative formalities for small businesses. Pierre Aïdan, co-founder of Legalstart.fr, said ‘we are delighted by ISAI’s decision to join us. Five years after our launch, the market has grown considerably, and growth opportunities abound. The experience and resources of an entrepreneurial fund like ISAI will be a major shot in the arm for our development.’ To support its growth, Legalstart.fr will use the new funding to expand its team with more professionals including lawyers, notaries and chartered accountants, and to continuously add new support services for entrepreneurs.
In 5 years, Legalstart.fr has supported more than 100,000 entrepreneurs, which the firms says makes a leaders in the Legaltech sector in France. Legalstart.fr averages annual revenue growth of 150% and holds a 15% share of the disintermediated market of the creation of a company. Christophe Poupinel, operating partner at ISAI, explained ‘we are closely monitoring the emergence of Legaltech in France, which reflects developments in other countries. We rapidly identified the highly interesting approach and strong potential of Legalstart.fr. We took the time to talk with Pierre and Timothee over many months and we are convinced of our joint ability to lead this very exciting project.’