Apperio, a London, UK-based legaltech startup, raised $10m (approx. £7.5m) in a Series A funding round.
The round was led by Draper Esprit with participation from existing investors Notion, IQ Capital and angels. In conjunction with the funding, Richard Marsh from Draper Esprit will be joining the board.
The company intends to use the funds to grow in all areas with a particular focus on Commercial and Customer Success organizations to promote international expansion.
Founded in 2013 by Nicholas d’Adhemar, Apperio provides companies and their in-house legal teams with complete visibility of legal spend. It allows them to track both billed and unbilled hours, in real-time, run analytics and monitor law firm performance.
The solution is fully automated and provided as a cloud application, requiring no administration or change in behaviour from either the company or the law firm. It receives data on a daily basis from all law firms, resulting in a real-time provision to corporate legal departments and a clear picture of their exposure at any given time.
The company, which has a team of 20 people, is working with a range of FTSE 100 and private companies such as Just Eat and Network Rail.