Apperio intends to use the funding to meet premium functionality demands from law firms as well as expand its business in the US.
Molten Ventures, one of Europe’s most well-known venture capital firms focusing on high-growth tech start-ups, has led a $7m funding round in legal-tech company Apperio.
London-based Apperio has developed a legal spend management platform that aggregates and analyses both historical and current spend and provides streamlined invoice approval workflows.
In-house legal departments can use the software to monitor all their legal fees, including work in progress, in real time.
“Apperio has focused impressively on where and how its technology delivers value to customers, and now, how to expand that,” said Richard Marsh, chief portfolio officer at Molten Ventures.
“Over the past year, product development has expanded Apperio’s remit from legal expenditure into other major professional services relationships, including accounting and audit. This has significantly grown the value potential for customers and the globally addressable market.”
The scale-up now has more than 250 global law firms connected to its platform, with many requesting premium features that it intends to implement following the funding round. Funding will also be used to further expand in the US market.
Molten Ventures, which was previously known as Draper Esprit, was joined by Notion Capital, IQ Capital, Nextlaw Ventures, Volution and Hambro Perks in the investment.
The latest round brings the total funding Apperio has raised to date to nearly $20m.
“It’s no secret venture funding has slowed across technology sectors,” said David Eldridge, non-executive chair of Apperio.
“That Apperio closed on funding with both new and existing investors, in this environment, speaks volumes to the company’s unique position in the legal technology sector, the value the company is delivering to customers and the significant opportunities ahead.”
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