{"id":32050,"date":"2023-10-20T14:26:52","date_gmt":"2023-10-20T14:26:52","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/every-single-business-needs-legal-lawpath-raises-1-3-million-startupsmart\/"},"modified":"2023-10-20T14:26:52","modified_gmt":"2023-10-20T14:26:52","slug":"every-single-business-needs-legal-lawpath-raises-1-3-million-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/every-single-business-needs-legal-lawpath-raises-1-3-million-startupsmart\/","title":{"rendered":"\u201cEvery single business needs legal\u201d: LawPath raises $1.3 million – StartupSmart"},"content":{"rendered":"
Founders need to find investors that are ready to be fully involved in the whole journey and who share the same vision for the startup, LawPath CEO<\/a> Damien Andreasen says.<\/p>\n \u00a0<\/p>\n LawPath has closed a \u201cbridging\u201d round of $1.3 million to help shore up the platform and provide a runway towards a larger series A round in 2017.<\/p>\n \u00a0<\/p>\n Investors in this round include Brook Adcock from Adcock Group, who\u2019s been with LawPath since early last year after contributing $600,000 in May 2014<\/a>.<\/p>\n \u00a0<\/p>\n The round was also led by Macdoch Ventures and a syndicate formed by Fort Street Advisors principal Ben Keeble.<\/p>\n \u00a0<\/p>\n Andreasen says he and the LawPath team worked out to bring on board a team of investors that were ready to go on a journey with them.<\/p>\n \u00a0<\/p>\n \u201cWe focused on the people who were passionate about the idea, who believed in the journey and wanted to come on board with it,\u201d he says.<\/p>\n \u00a0<\/p>\n \u201cInvestors have to understand what you\u2019re doing, and we had to help them understand that there\u2019s a big shift happening in legal and that we can change traditional legal services.\u201d<\/p>\n \u00a0<\/p>\n Eyes on the rest of the world<\/b><\/p>\n \u00a0<\/p>\n LawPath offers a cloud-based legal hub for businesses to access legal advice and services.<\/p>\n \u00a0<\/p>\n After some product updates and improvements and securing partnerships, the startup will be setting its sights on the US and Asia, LawPath CEO Damien Andreasen says.<\/p>\n \u00a0<\/p>\n \u201cWe have an eye on Asia but we want to make sure the platform is ready for when we move,\u201d Andreasen says.<\/p>\n \u201cThat\u2019s what the next 12 months are about \u2013 getting the right resources for the right time.<\/p>\n \u00a0<\/p>\n \u201cThe focus is to bolster the platform and resources we have, and push the LawPath branding and marketing.\u201d<\/p>\n \u00a0<\/p>\n The latest round brings the total investment in the startup to $2.4 million.<\/p>\n \u00a0<\/p>\n A legal shift<\/b><\/p>\n \u00a0<\/p>\n There\u2019s been a general trend towards businesses turning to the internet for professional services and this has contributed to large growth for LawPath, Andreasen says.<\/p>\n \u00a0<\/p>\n It now has 13,000 businesses on board, a 400% year-on-year growth for the user base, while its revenue has grown by 800% in this time.<\/p>\n \u00a0<\/p>\n The shift towards cloud legal services is a no-brainer for all types of businesses, Andreasen says.<\/p>\n \u00a0<\/p>\n \u201cThe beauty of what we do is the simplicity and immediacy,\u201d he says.<\/p>\n \u00a0<\/p>\n \u201cIn five minutes you can be locked in and editing a legal doc or you can put yourself in front of what you need to educate yourself.<\/p>\n \u00a0<\/p>\n \u201cWe want to be a one-stop shop for anything you need online, for everything you need to start and run your business.\u201d<\/p>\n \u00a0<\/p>\n This shift has also seen the online legal services market become more competitive and rivals have emerged, but Andreasen says this can only be a positive for all involved.<\/p>\n \u00a0<\/p>\n \u201cThere are a few popping up and we welcome them,\u201d he says.<\/p>\n \u00a0<\/p>\n \u201cHaving more players helps to validate the business. It\u2019s fantastic opportunity and it is a huge market.\u201d<\/p>\n \u00a0<\/p>\n From servicing startups to businesses of all sizes<\/b><\/p>\n \u00a0<\/p>\n