Legal tech startup Juro raises $5M Series A from Union Square Ventures to make contracts more collaborative
The traditional contract management is inefficient. The current method is rife with layers of paperwork and manual efforts that are prone to errors. Enter Juro, a London-based tech startup and an end-to-end contract workflow tool, designed for the modern business. Juro’s AI-enabled platform helps fast-growing businesses make contracts faster, smarter and more human.
Today, Juro announced it has raised a $5m Series A to double-down on its data proposition, triple the size of its product team and continue to expand its growing customer base in the EU and US. The round was led by Union Square Ventures (USV) – the backers of Twitter, Twilio, Etsy and Kickstarter – in a rare US-to-Europe investment in legal tech. USV was joined in the round by existing investors including Point Nine Capital, Seedcamp, Taavet Hinrikus (co-founder of TransferWise) and Paul Forster (co-founder of Indeed). In conjunction with the funding, Juro also announced that John Buttrick, partner at USV, will join its Board.
The Series A takes Juro’s total funds raised to $8 million. The investment also caps a strong year for Juro, in which FT Intelligent Business named Juro a global innovator in contracting, and CEO Richard Mabey as one of the top ten legal business technologists globally.
Founded in 2016 by former Freshfields lawyer Richard Mabey and Pavel Kovalevich, the London, England-based Juro transforms legal contracts from static files into dynamic, modular agreements that integrate seamlessly with core business processes like Sales and HR workflows. With a helping hand from machine learning, Juro helps businesses agree contracts up to 96% faster than using manual processes and gives deep insight into contracts post-signature. Since inception in 2016, Juro has processed more than 50,000 contracts for customers like Deliveroo, Skyscanner, Envoy, Babylon Health and Reach.
Commenting on the funding, Juro CEO Richard Mabey, said: “Contract management systems are invariably designed by lawyers for lawyers. We’re rebuilding contracts for the end user. We’re delighted to partner with USV as we execute on our vision to transform legal contracts into dynamic, modular agreements that reflect and empower business relationships. It’s great to see so many businesses supporting this approach and joining our community.”
John Buttrick, Partner at Union Square Ventures, said: “We look for founders with products equipped to change an industry. While contract management might not be new, Juro’s transformative vision for it certainly is. There’s no greater proof of the product’s ease of use than the fact that we negotiated and closed the funding round in it. We’re delighted to support Juro’s team in making their vision a reality.”