{"id":47811,"date":"2023-10-20T15:55:17","date_gmt":"2023-10-20T15:55:17","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/brisbane-startup-lawcadia-closes-500000-seed-round-to-fuel-expansion-plans-startupsmart\/"},"modified":"2023-10-20T15:55:17","modified_gmt":"2023-10-20T15:55:17","slug":"brisbane-startup-lawcadia-closes-500000-seed-round-to-fuel-expansion-plans-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/brisbane-startup-lawcadia-closes-500000-seed-round-to-fuel-expansion-plans-startupsmart\/","title":{"rendered":"Brisbane startup Lawcadia closes $500,000 seed round to fuel expansion plans – StartupSmart"},"content":{"rendered":"
\"\"<\/div>\n

A Brisbane-based startup aiming to bring transparency to the legal procurement process through technology has secured $500,000 in seed funding.<\/p>\n

Lawcadia, which launched in February, offers a platform for businesses and government to find, engage and manage outsourced legal counsel.<\/p>\n

The seed funding comes from Queensland-based angel investment team ACAC Innovation, and Lawcadia founder and CEO Warwick Walsh says the process was surprisingly smooth.<\/p>\n

\u201cWe managed to execute it quite quickly,\u201d Walsh tells StartupSmart<\/em>.<\/p>\n

\u201cWe decided to raise money at the end of March and had a pretty aggressive target close date of June 30, and we managed to hit that.\u201d<\/p>\n

Rife for disruption<\/h3>\n

Walsh says the legal industry is set to experience significant disruption in the near future, providing great opportunities for startups.<\/p>\n

\u201cThe legal market is the last industry sector to be disrupted,\u201d he says.<\/p>\n

\u201cBecause of the nature of the industry \u2013 its aversion to risk and change \u2013 it has been difficult for tech to really impact that.\u201d<\/p>\n

Walsh says the cash injection will be used to hire a sales team, further develop the tech platform and on a range of marketing initiatives.<\/p>\n

While a number of Australian startups focusing on disrupting the legal industry have emerged lately, Walsh says Lawcadia is the only one at the moment focusing on a B2B offering.<\/p>\n

\u201cWe\u2019re the only company that\u2019s targeting sophisticated businesses,\u201d he says.<\/p>\n

\u201cOther platforms and companies are targeting consumers and small businesses with sole practitioners and smaller legal firms, but we\u2019re the only one targeting the larger law firms and sophisticated clients.<\/p>\n

\u201cWe\u2019ve got a first mover advantage there and now it\u2019s about taking advantage of that.\u201d<\/p>\n

Bringing transparency and accountability to the legal process<\/h3>\n

Through the Lawcadia platform, businesses can post a job offer which then goes out to all registered law firms. The client can then select up to four firms for the next stage.<\/p>\n

Once a team is picked, the Lawcadia platform offers financial management tools to keep track of the job, adding an extra level of transparency and accountability to the process, Walsh says.<\/p>\n

\u201cThat ensures that law firms are keeping that up to date,\u201d he says.<\/p>\n

\u201cIt\u2019s all about trying to give visibility to clients over future legal spending, and doing that is very challenging at the moment.\u201d<\/p>\n

After the job is finished, a two-sided ratings system is used to add another layer of security.<\/p>\n

\u201cThat\u2019s to introduce accountability for lawyers in terms of the services they offer and the prices they quote,\u201d Walsh says.<\/p>\n

\u201cThat\u2019s very difficult to achieve in the industry at the moment.\u201d<\/p>\n

There are currently 27 law firms registered on the platform, including 11 with 50 or more partners and one with an international presence.<\/p>\n

For other founders and entrepreneurs, Walsh says it\u2019s important to be resilient during the fundraising process and seek out all possible leads.<\/p>\n

\u201cI think people should be allowing six months for the fundraising process,\u201d he says.<\/p>\n

\u201cYou need to chase down all the potential financiers and you can\u2019t be disheartened by the ones that say no.<\/p>\n

\u201cIt does take time to find the right investor for your business who understands your company and values it in the right way.\u201d<\/p>\n

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

A Brisbane-based startup aiming to bring transparency to the legal procurement process through technology has secured $500,000 in seed funding. Lawcadia, which<\/p>\n","protected":false},"author":1,"featured_media":58337,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,11,20,17,23,13,1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/47811"}],"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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/comments?post=47811"}],"version-history":[{"count":0,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/47811\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media\/58337"}],"wp:attachment":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media?parent=47811"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/categories?post=47811"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/tags?post=47811"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}