Australian legal startup Lawpath has announced today one of the largest capital raises for Legal Tech in Australian history, closing a $4.4 million oversubscribed fundraising round on the same day it launches a new legal services platform for Australian businesses.
Lawpath’s capital raise follows a series of exciting product launches, including Lawpath’s Legal Advice Plan which gives Australian businesses access to a lawyer on demand for a low monthly fee of $49. They’ve also launched an online eSignature tool which allows users to sign Lawpath documents online or upload their own for signature.
Adcock Private Equity lead the oversubscribed round that included Pollenizer Investments, LegalZoom, Fort Street Advisors, Macdoch Ventures and Norton Rose Fulbright Head of Innovation Nick Abrahams.
Lawpath CEO Dominic Woolrych says:
“It’s fantastic to again receive the backing of our current investors. This funding allows us to accelerate our growth here in Australia and move up into Asia. It takes us one step closer to our goal of being the ‘Xero of Law’. Over 2 million Australians visit Lawpath each year to find legal help. Both clients and lawyers can sign up for a free trial of the platform, which has now been used by roughly 1% of Australian SMBs.”
Since 2014, Lawpath has been a pioneer in the booming Australian legal technology scene, providing online legal solutions at a fraction of the time, cost and complexity of the traditional system. The company’s capital raise follows a broader global trend towards embracing legal technology, in which more than $1.9 billion was raised last year.
Lawpath CEO Dominic Woolrych says that this reflects a shift in attitudes towards online and less traditional legal services.
“Australians are embracing a new wave of legal technology, which, similar to online banking or accounting, has made this core service accessible online. We hope with this capital we can continue to help everyday Australians get the legal help they actually need, but often neglect due to cost and complexity. Over 87% of businesses still struggle to engage or access legal services. The Lawpath platform tackles this problem head on with DIY tools, registration and a marketplace of 1000 online lawyers.”
Lawpath plans to use the funds to further develop their products, increase marketing, and grow the business in Australia and move up into Asia.
Lawpath is Australia’s leading provider of online legal services for businesses and individuals, providing technology powered legal solutions at a fraction of the time, cost and complexity of the traditional system. Since launching in 2014, Lawpath has helped Australians save over $100 million in legal fees. For more information please see www.lawpath.com.au/about-us