London-based legal tech startup Apperio has raised $7M in funding from a group of investors, led by Molten Ventures, to expand its operations in the UK and the US. Apperio’s legal spend management platform provides corporate counsel with insight into their legal spending by collecting and analyzing historical and current legal expenditures, including work-in-progress and accruals. The funds will be used to further develop the company’s product for corporate counsel and expand its presence in the United States.
UK-based VC Molten Ventures led the investment in Apperio, with participation from Cambridge-based VC IQ Capital, Palo Alto-based VC Nextlaw Ventures, and London-based VCs Notion Capital, Volution, and Hambro Perks. This latest funding round brings the total funding raised by the company since its inception to $19.9M.
Apperio’s extreme transparency in legal spending is seen as a competitive advantage, which has resulted in a time reduction of up to 56% between sending an invoice to a client and receiving payment. The funds raised will be used to further develop the company’s product for corporate counsel and meet the growing demand for new functionality from law firms. Additionally, the funds will be used to expand Apperio’s presence in the United States.
Apperio’s legal spend analytics and matter-tracking software is used by more than 250 global law firms, including Network Rail’s internal counsel in the UK and the Stockholm-based venture capital firm EQT Ventures. The founder and CEO of Apperio, Nicholas d’Adhemar, founded the company after noticing that law firm invoices frequently exceeded the cost of the initial estimate given at the outset. Apperio’s platform provides in-house counsel with comprehensive insight into their legal spending, and law firms can collect and analyze historical and current legal expenditures, including work-in-progress and accruals.
Apperio’s latest funding round is a testament to the company’s unique position in the legal technology sector and the value it delivers to customers. The funds raised will enable Apperio to further develop its legal spend management software and strengthen the relationship between corporate counsel and their law firms. The company’s commitment to transparency in the business of law is seen as a competitive advantage and has resulted in quicker and accurate invoices, reducing the time between sending an invoice to a client and receiving payment by up to 56%.
