Libryo, a legal tech startup based in London, has raised $1 million in seed funding from Innogy’s UK Innovation Hub, a division of the German energy company, Seedcamp, Nextlaw Labs, and Force Over Mass.
Libryo’s platform is used by companies and individuals to assess their legal footing and understand regulatory and compliance requirements. The SaaS services allows users to automate their legal queries with real time updates. The new funds will be invested in further product development and expanding into new markets.
“For lawyers, we’re helping to alleviate some of the legal research work, which their clients are often unwilling to pay for, so that they can focus on adding premium value to their clients in other areas,” said Peter Flynn, CEO of Libryo.
Libryo was co-founded by Flynn along with Garth Watson and Malcolm Gray. Its advisors include legal expert Chris Field and angel investor Steve Gledden. Both have invested in the company too.
While based in London, the bulk of Libryo’s business is in Africa. It has an office in Cape Town where it will be carrying out a new number of important hires in the near future.
“We’re already seeing a huge appetite for our service across Africa, particularly in the legal domains of environment and occupational health and safety, and are at a key moment for our business as we look to expand our offering even further across the world and into other legal domains,” added Flynn.
According to the company, it had revenues in its first year of £150,000 – it was founded in 2015 – and expects to reach revenues of £2.5 million within the next two years.
“To have received the backing of these notable investors and programmes is a real validation of our product and the service that we offer our customers, as well as the huge market opportunity we see,” said Flynn.
The funding round is the first major investment for Innogy’s UK Innovation Hub.
“They are a standout example for us, as we look to invest into the most promising scale-ups driving game-changing ideas, identifying and fostering new digital business models with the potential to revolutionise traditional industries,” said Kate Jack, head of the UK Innovation Hub.