{"id":42252,"date":"2023-10-20T15:19:52","date_gmt":"2023-10-20T15:19:52","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/sydney-startup-legalvision-closes-4-2-million-series-b-round-as-it-enters-a-new-growth-phase-startupsmart\/"},"modified":"2023-10-20T15:19:52","modified_gmt":"2023-10-20T15:19:52","slug":"sydney-startup-legalvision-closes-4-2-million-series-b-round-as-it-enters-a-new-growth-phase-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/sydney-startup-legalvision-closes-4-2-million-series-b-round-as-it-enters-a-new-growth-phase-startupsmart\/","title":{"rendered":"Sydney startup LegalVision closes $4.2 million Series B round as it enters a new growth phase – StartupSmart"},"content":{"rendered":"
\"\"<\/div>\n

Sydney-based legal startup LegalVision has closed a $4.2 million Series B round as it aims to expand its reach across all areas of Australia.<\/p>\n

LegalVision aims to bring an innovative tech approach to the legal industry, and also provides a legal resources platform for SMEs and other startups. It has now worked with more than 15,000 clients in the three years since launching.<\/p>\n

The Series B round was led by law firm Gilbert + Tobin and according to LegalVision founder and CEO Lachlan McKnight it\u2019s \u201call down to the team\u201d.<\/p>\n

\u201cRaising this round came down to the investors believing in our team and having the right people in place,\u201d McKnight tells StartupSmart<\/em>.<\/p>\n

\u201cNothing happens without that. Raising capital isn\u2019t an end in and of itself, this is very much about the next stage in the journey of the company.\u201d<\/p>\n

The capital injection will be used to grow a number of different facets of the business, McKnight says.<\/p>\n

\u201cWe\u2019re a fast-growing tech-driven legal service startup so a big part of what we\u2019re looking to do is to continue to grow the team,\u201d he says.<\/p>\n

\u201cWe want to accelerate a lot of the tech we\u2019re building and spend some on increasing our presence in regional and rural communities. There\u2019s a big opportunity with the online delivery of legal services in non-capital city regions.<\/p>\n

\u201cIt\u2019s a bit of a mix but it\u2019s all going towards growth and technology.\u201d<\/p>\n

McKnight says the startup has enjoyed significantly growth across the last year, with its team growing from 20 to 60 employees.<\/p>\n

\u201cOur goal is 5% month-on-month growth,\u201d he says.<\/p>\n

\u201cThat\u2019s what we\u2019ve been hitting and what we want to continue doing into the short, medium and long-term future.\u201d<\/p>\n

McKnight previously worked as a corporate lawyer around the world before embarking on LegalVision in 2012<\/a>.<\/p>\n

A number of startups have popped up recently with an aim to disrupt the traditional legal sector.<\/p>\n

McKnight says the interest is a good thing, but the competitiveness means not many will survive.<\/p>\n

\u201cIt\u2019s great to see people looking at the space and having a go but the reality is that a lot of the startups appear for a few months then disappear,\u201d he says.<\/p>\n

\u201cIt\u2019s a tough space. Anyone who is having a go and launching a startup should be commended. It\u2019s a great experience even if you do end up out of business.\u201d<\/p>\n

LegalVision closed a convertible funding round from Gilbert + Tobin late last year, and the founder says this is a good way to test the waters with a potential partner.<\/p>\n

\u201cIf you\u2019re thinking about working with a potentially strategic investor, see if you can do a bridge round to test out the relationship,\u201d McKnight says.<\/p>\n

\u201cIf things go well then move forward to a full price round.\u201d<\/p>\n

Follow StartupSmart on<\/em> Facebook,<\/em> Twitter, <\/em>LinkedIn <\/em>and <\/em>SoundCloud.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Sydney-based legal startup LegalVision has closed a $4.2 million Series B round as it aims to expand its reach across<\/p>\n","protected":false},"author":2,"featured_media":60440,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19,9,20,1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/42252"}],"collection":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/comments?post=42252"}],"version-history":[{"count":0,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/42252\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media\/60440"}],"wp:attachment":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media?parent=42252"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/categories?post=42252"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/tags?post=42252"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}