PocketLaw Secures €14M Deal with Atomico

PocketLaw Secures €14M Deal with Atomico

PocketLaw, a legal Software-as-a-Service startup that focuses on SMEs, has signed a jurisdiction deal with Atomico for a Europe expansion. The €14M deal has bolstered the startup’s annual revenue. 

The deal also involves Ben Blume, a partner at Atomico joining the board as a part of the enterprise. 

PocketLaw makes it the 4th investment Atomico had attained in Sweden after investing in other tech giants like Truecaller and Klarna

According to a survey by PocketLaw, legal contracts and signings can be a herculean task, and it accounts for over 18% of backdrops in startups. 

The company reiterates over legal deals that aren’t met by some SMEs worth almost €9 million. It’s a hiatus that needs more advancement and innovation. 

PocketLaw has been tagged as an imperative legal tool for any early startups. The company was founded by two childhood best friends, Olga Beck-Friis and Kira Unger, in mid-2018. 

Their decision to start a company together sprang up after their legal experiences in contract management and signing. 

In March 2020, they launched their legal product, focusing on creating online contract templates and e-signing. The company is also committed to allowing SMEs with zero legal experience to get involved. 

The legal company has over 6,000 notable customers. They include startups like Kry/Livi, Juni, and Estrid and consumer startup Punchy Drinks. 

The firm also has larger enterprise customers such as Babybjorn and Schibsted, amongst many others. 

PocketLaw has a solid team of 8 expert lawyers. They all carry out different areas of contract law. 

With the help of machine learning, they can easily automate contract templates and provide prospective customers with a step-by-step guide on contract dealings. 

Following the company’s statistics, its largest market is Sweden and some parts of the UK. The company is expected to kick off in Germany and Norway later in the year. 

The A funding deal will see the expansion of PocketLaw across other regions of Europe, including growing the managerial team, technical, and operational facilities which will boost growth. 

Kira Unger,  the CEO, and co-founder disclosed, “PocketLaw can be used by any business owner and any stakeholder in the world, regardless of size, financial muscle, or legal experience. However, our primary priority to date has been to support all SMEs, across all business verticals, out there for clear reasons.” 

PocketLaw future plans 

The fathering ground is the Sweden region. In September 2020, another office was opened in London. The office is regarded as the “co-HQ.”

Since the London launch, its revenue has spiked 10 times the initial output. 

A quarter into the year, the company has had a huge solid customer base in the UK. It hopes to open branches in Berlin by the end of the year.

Photo by Lukas from Pexel