Lawhive Raises £31.4m to Expand AI Legal Platform in US Market
Deal News | Dec 06, 2024 | Business Cloud
Lawhive, a London-based LegalTech startup, has secured £31.4 million in Series A funding to accelerate its expansion into the US legal market. Co-founded in 2019 by Pierre Proner, Jaime Van Oers, and Flinn Dolman, the company aims to make legal services more accessible and affordable through its AI-driven platform, which automates administrative and legal tasks. The funding round was co-led by existing investor GV (Google Ventures) and TQ Ventures, with participation from firms such as Balderton Capital, Jigsaw, and individual investors like Premier League footballers Harry Maguire and Reece James. The expansion targets the US, where 80% of consumer legal needs reportedly go unmet, and the market is valued at $1 trillion annually. Lawhive’s AI lawyer, Lawrence, has demonstrated performance on par with human lawyers and passed part of the Solicitors Qualifying Examination (SQE). The company hopes to transform legal operations by improving efficiency, reducing costs, and addressing the 'justice gap' in the US.
Sectors
- LegalTech
- Artificial Intelligence
- Venture Capital
Geography
- United States – Lawhive is targeting the US market for expansion, aiming to address unmet legal needs with its AI-powered platform.
- United Kingdom – Lawhive is a London-based startup, thus situated in the UK, where the company was founded and initially operates.
Industry
- LegalTech – Lawhive operates within the LegalTech industry, leveraging technology to improve the delivery of legal services by making them more accessible, affordable, and efficient.
- Artificial Intelligence – The AI-driven platform of Lawhive automates routine legal and administrative tasks, highlighting its operation within the Artificial Intelligence industry.
- Venture Capital – Lawhive's recent funding round involves multiple venture capital firms, shining a light on the venture capital industry's role in scaling innovative startups.
Financials
- £31.4 million – The total amount raised by Lawhive in its Series A funding round.
- $1 trillion – The estimated value of unmet consumer legal needs in the US market annually.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Lawhive | Target Company | Company | A LegalTech startup focused on making legal services more accessible and affordable through AI technology. |
| GV (Google Ventures) | Investor | Company | A venture capital firm co-leading the Series A funding round for Lawhive. |
| TQ Ventures | Investor | Company | A venture capital firm co-leading the Series A funding round for Lawhive. |
| Balderton Capital | Investor | Company | A venture capital firm participating in the Series A funding round for Lawhive. |
| Jigsaw | Investor | Company | A company that is participating in the Series A funding round for Lawhive. |
| Episode 1 | Investor | Company | A company involved in the Series A funding round for Lawhive. |
| Harry Maguire | Investor | Person | A Premier League footballer participating in the investment round for Lawhive. |
| Reece James | Investor | Person | A Premier League footballer participating in the investment round for Lawhive. |
| Pierre Proner | CEO and Co-Founder | Person | Co-founder and CEO of Lawhive. |
| Jaime Van Oers | CTO and Co-Founder | Person | Co-founder and CTO of Lawhive. |
| Flinn Dolman | Co-Founder | Person | Co-founder of Lawhive. |
| Schuster Tanger | Co-founder and Co-managing partner at TQ Ventures | Person | Co-founder and co-managing partner at TQ Ventures, an investor in Lawhive. |
| Vidu Shanmugarajah | Partner at GV | Person | Partner at GV, an investor in Lawhive. |