While some look grey, LegalVision Pro takes off. In October 2020, for example, the Bordeaux-based company raised 3 million euros (1). A feat for legaltech that accompanies legal and digital professionals in their digital transition to help them gain productivity…. And for good reason, this fundraiser is at the top of the legaltech sector in 2020. Its aim is to develop the LegalVision Pro offer. Which is committed to opening its service internationally, starting with the Spanish market.
An exceptional fundraiser for a legatech at the service of professionals
Aimed at legal and account professionals, LegalVision Pro aims to reduce time-consuming and low-value-added tasks. The aim is to refocus lawyers, notaries or accountants on their true added value, the advice. To do this, it relies on a double expertise. So he has a team of formalists on one side; and on the other hand, software custom-made to optimize the dematerialized processing of legal formalities.
Our ambition is to become the reflex of legal professionals for the treatment of their legal formalities.
Loïc LE GOAS, President of LEGALVISION PRO
Having already seduced lawyers and notaries, LegalVision Pro is now turning to accountants. Its fundraising should also enable it to develop new services and products, including the dematerialisation of social registers. In addition to allowing the company to look to Spain for an international opening next.
Legaltech, a market where places are expensive
This exceptional fundraiser for LegalVision Pro is part of a movement where legaltech is taking up more and more space. However, this reality also reveals a serious disparity between the actors. Thus, the majority of the 52.1 million euro cake raised in 2019 goes to 5 main players. LegalStart leads the way with 18 million euros, followed by Predictice (5 million), Hyperlex (4 million), Testamento (3 million) and Quaidesnotaires.com (2.5 million). (2)
In 2020, despite a complicated economic environment, fundraising for legaltech continues. Seraphin, for example, raised 2 million euros in April to continue the development of its bespoke legaltech suite solution for its customers. Aimed at supporting legal professionals in their digital transition, Seraphin seeks to optimize the productivity of lawyers and enhance their legal data (3). The same goes for the nantasie startup Avoloi, which raised 2.5 million euros in February to develop its ERP and CRM. Unlike many of its neighbours, it is more focused on becoming the Doctolib of lawyers (4).
Despite a very large number of players in the legaltech sector,few companies are successful. It must be said that offers are cannibalized regularly, often dealing with similar problems. Digitalization of the business process, creation and management of companies, connection, creation of acts, defense of the rights of individuals… That’s enough to ask what are the key factors for success in such a market.
Neobank and legaltech, the winning duo?
In light of the successes and disappointments of past years, a pattern seems to be emerging. We would enter an era where technology companies thrive not in the face of peripheral companies, but with them. Per most egregious example of success is the partnership between the neobank for professionals Qonto and LegalStart. Thanks to this, the neobank was able to offer an extensive service to its customers, allowing them to deposit their social capital online and create their business in a 100% dematerialized way. Beyond opening the company’s bank account, it is therefore all legal procedures that are simplified and accelerated. In two years, more than 5000 companies have been created with the Qonto x LegalStart Creation Pack.
This is also true with services such as insurance, HR, billing and unpaid management… In reality, innovative legaltech or fintech companies can rely on their complementarity to occupy the field. They thus create an integrated ecosystem where almost all needs can be dematerialized and entrusted to an expert actor.
Legaltech, like neo-banks, are already digitalized sectors that are experiencing remarkable growth despite current economic difficulties. Responding to user requests such as the need to do ‘self-made’ at a lower cost, or to easily access specific services, these companies benefit from increasingly large fund-raisings and challenge the traditional players in place. For example, the English neobank Revolut raised $500 million in February 2020 (5). The biggest fundraiser for a European neo-bank. To appeal to professionals, its pro offering includes third-party tools such as Quickbooks, Zapier, Slack to blend into an integrated ecosystem as close as possible to the needs of customers (6).
The same goes for N26, which is partnering with Allianz Assistance to offer a new set of travel insurance (7). As part of its development, the German neo-bank has managed two fundraisers in 2019. $300 million in January 2019, then $170 million in July. (8)
Qonto is also taking the same path with 104 million euros raised January 2020. A record in fintech in France that accompanies its international opening in Italy, Germany and Spain. (9)
Press release “LEGALVISION PRO raises 3 million euros, an exceptional fundraiser in legaltech”, 8 October 2020