Lawpath’s $4.4m Series A Funding Round – What Now?
Lawpath has announced a $4.4 million Series A Funding Round led by Adcock Private Equity and LegalZoom. But why should you care and what happens now? Lawpath's CEO Dominic Woolrych shares his thoughts.
Last November, we announced Lawpath’s Series A round. This was led by Australia- based Adcock PE and US-based legal giant LegalZoom. It also took our funding to $7.3 million.
On the back of some great press coverage, it’s tempting for startups to think that the hardest part is done. But this could not be further from the truth. Fundraising is just one of a million things that need to happen for to help us to execute on our ambitious vision for Lawpath. That said, it’s a fantastic milestone for Lawpath and it means that we can do more to build the best possible product and help our customers get even more value from it.
So what does Lawpath’s funding round mean for customers?
The mission for Lawpath has always been to make legal more affordable and accessible for Australian businesses. We set out 5 years ago to build a legal technology platform that would allow users to complete legal tasks themselves or easily connect with lawyers, all on-demand and online. Just like accounting, HR, and banking platforms that have become commonplace, we believe that online legal platforms should be no different.
Our vision and mission are unchanged. And having recently ticked over 110,000 users, we are well on our way to achieving our goals. As Frank Monestere, LegalZoom President puts it “As the clear market leader in Australia, Lawpath offers one of the most innovative technology-enabled online legal solutions that we’ve seen globally.”
In the early days of Lawpath, we worked mostly with start-ups and fast-growing tech companies who felt the pain of expensive legal costs and archaic legal processes. Companies like Canva, Nova, Uber, Foodora and MadMex have all helped to shape what Lawpath can do today.
Increasingly, we now work with different kinds of companies across Australia, with customers in over 20 industries ranging from tech, design, construction, retail, professional services and many more.
How will we improve in 2020?
We have some huge changes coming this year. The first priority of 2020 is to double down on our products. The product/engineering team is set to double in size through 2020, to enable us better to serve our customers with solutions that make legal easier for them. One mantra that we keep coming back to is that legal should be ‘proactive’ and not ‘reactive’. Our platform will continue to help users with their legal automatically and allow them to focus on growing their business. Let’s be honest – the less you have to think about legal the better. And you won’t have to think about it at all because you can leave the legal leg work to Lawpath’s ‘robo lawyer’.
We’ll continue to improve our legal document automation platform with electronic signatures, an advanced editor and team/lawyer collaboration features. We’ll also supercharge our business set up systems with further integrations (APIs) with your accounting, banking, insurance systems.
By 2021 managing your business, virtual office, legals and much more will be synonymous with using Lawpath’s platform. Lastly, we have big plans for our lawyer marketplace. Lawyers all over Australia love the marketplace and we plan to bring them further into the fold so that they can manage and work with clients all from within their Lawpath platforms. Kim Walters, one of our marketplace lawyers recently told me “Lawpath is now the 2nd most used platform in my business”. She let slip that Xero was the most used… and we don’t mind playing 2nd fiddle to an amazing company like Xero!
Building a superstar team
Over the last 3 years, we’ve moved offices 4 times. From co-working spaces, to shared spaces – and now our very own digs. We have brought in over 25 new team members in the last year alone, with many more hires to come in 2020. We’re building a dedicated team of people passionate about legal technology and more importantly helping businesses start, grow and thrive. We’re hiring for marketing, sales, customer success, legal engineering and operations. Be sure to keep an eye on our careers page for all our latest opportunities.
A big thank you to our customers! To those that have been with us for 2+ years, thank you for taking the risk and joining our platform when we were young, thanks for the feedback and for constantly pushing us to build features that you want and need. To our newer customers, thanks for joining! We’re thrilled to learn and grow with your businesses.
Lastly, thanks to the ‘LP’ team, friends, investors and all those that keep the company moving. We’re excited to see what comes next.
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Dominic is the CEO of Lawpath, dedicating his days to making legal easier, faster and more accessible to businesses. Dominic is a recognised thought-leader in Australian legal disruption, and was recognised as a winner of the 2015 Australian Legal Innovation Index.