British startup Apperio has landed a $10 million Series A funding round led by Draper Esprit and supported by existing investors Notion, IQ Capital, and angels. The company plans to use the money for international expansion; it's also getting a new London office in Holborn, the heart of the city's legal district. As part of the investment, Richard Marsh from Draper Esprit will be joining the board.
Apperio works with corporate customers, including Just Eat and Network Rail, to provide transparent real-time analytics of their external legal costs and monitor law firms' performance. The technology can also be used by in-house legal teams to manage budgets and demonstrate value.
“With only 13% of legal departments describing their spend management approach as ‘optimised’ and 25% of legal departments not using any legal technology at all, there is a huge opportunity to provide clarity to General Counsels and gather accurate, real-time insights that enable better decision making and help reduce legal expenditure.”
Founded in 2013, Apperio currently employs 20 people. Its cloud app offers customers live feeds with data from external law firms, updated daily. The company states that it's already covering 80 percent of legal companies in the UK and eight of the top ten US firms.