Lawhive Secures $40M to Disrupt US Legal Market with AI
Deal News | Dec 05, 2024 | Balderton Capital
UK-based Lawhive, a legal technology startup that uses artificial intelligence to make legal services more accessible and affordable, has raised $40 million in Series A funding. The round was co-led by GV (Google Ventures) and TQ Ventures, and included participation from Balderton Capital, Jigsaw, Episode 1, and Premier League footballers. Lawhive, founded in 2019, aims to transform the industry by automating administrative and legal tasks for lawyers, significantly reducing costs for consumers. The company plans to leverage the funds to accelerate its expansion into the US market, where a substantial portion of consumer legal needs are unmet. Lawhive's AI-powered platform, featuring an AI lawyer named Lawrence, assists in workflow management, compliance, and payments, promising efficiency benefits for lawyers and cost savings for clients. The startup is determined to bridge the justice gap in the US, estimated to reach a $1 trillion market opportunity.
Sectors
- Legal Technology
- Artificial Intelligence
- Venture Capital
Geography
- United Kingdom – Lawhive is a UK-based legal technology startup, with its main operations currently based in the country.
- United States – The article discusses Lawhive's plans for expansion into the US market, a key focus area for the company.
Industry
- Legal Technology – Lawhive operates within the legal technology sector, using AI to automate legal tasks and provide efficient legal services.
- Artificial Intelligence – The use of AI by Lawhive to power its legal services, particularly its AI lawyer Lawrence, positions it within the AI industry.
- Venture Capital – The participation of various venture capital firms in Lawhive's funding round highlights the VC sector's involvement.
Financials
- $40 million – The Series A funding amount raised by Lawhive.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Lawhive | Target Company | Company | A UK-based legal technology startup using AI to provide affordable legal services. |
| Balderton Capital | Investor | Company | A venture capital firm participating in Lawhive's Series A funding round. |
| GV (Google Ventures) | Co-lead Investor | Company | Venture capital arm of Alphabet Inc. and a co-lead investor in the Series A round. |
| TQ Ventures | Co-lead Investor | Company | A venture capital firm co-leading the funding round for Lawhive. |
| Jigsaw | Investor | Company | A venture capital firm involved in funding Lawhive. |
| Episode 1 | Investor | Company | Another investor participating in Lawhive's funding round. |
| Harry Maguire | Investor | Person | A Premier League footballer participating in the funding round. |
| Reece James | Investor | Person | A Premier League footballer participating in the funding round. |
| Pierre Proner | Co-founder & CEO | Person | One of Lawhive's co-founders and the CEO. |
| Jaime Van Oers | Co-founder & CTO | Person | Co-founder and CTO of Lawhive. |
| Flinn Dolman | Co-founder | Person | Co-founder of Lawhive. |