Check out the 15-slide pitch deck Juro, a startup that makes drafting contracts much easier, used to raise $23 million from Cazoo-backers Eight Roads
This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now.
- Legal tech startup Juro has raised $23 million from Eight Roads, which backed Alibaba and Cazoo.
- The company makes it easier for in-house legal teams to create, negotiate, and store contracts.
- We got an exclusive look at the 15-slide pitch deck Juro used to raise the Series B round.
A startup that makes it easier to create, negotiate, and sign legal contracts has raised $23 million in Series B funding.
London-based Juro, founded in 2016, secured the funds from Eight Roads, the venture capital firm that previously invested in Alibaba, Cazoo, and Appsflyer. It brings Juro’s total funds raised to $31.5 million.
Founder Richard Mabey had the idea while working at European law firm Freshfields, where he processed high volumes of “relatively routine” legal contracts, finalized via a patchwork of tools including email, Microsoft Word, and signature programs.
“We want to dethrone Microsoft Word,” Mabey told Insider, insisting there needs to be a more intuitive way to agree terms online.
Juro allows teams – including those without legal training, as “most of the people who deal with contracts are HR and sales teams” – to create, negotiate, approve, track, sign, store, and manage contracts in one tool. This includes contract templates, synchronous editing, version control, and a dedicated signature platform.
The company claims a contract can be created in three minutes.
The tool also integrates with other services. A salesperson can initiate a contract from Salesforce, for example. Contracts are all then stored in a searchable database to accessibility.
Juro is now used in over 85 countries, the company said, and boasts the likes of Deliveroo, Cazoo, Trustpilot, and TheRealReal as customers. Mabey said tech startups and scale-ups with in-house legal teams are Juro’s sweet spot.
While developing the Juro product, the founder spent short stints working in-house with clients to get to know their pain points.
“A law firm might spend three months negotiating or creating a very complex document, but in-house legal teams are dealing with it 100 NDAs a month, 50 employment contracts, and 100 sales agreements … I think what we learned actually executing on the company was that the constraints in a tech company are really, really severe,” he said.
By taking away contract admin, Mabey hopes Juro will free up lawyers’ time and “give people more purpose” at work. Contracts can be shared by a link over WhatsApp and are mobile-friendly, which the founder said will also improve the onboarding experience of new hires.
The fresh cash will be used to build more integrations, improving Juro’s browser-native editor, and bring on new hires as it expands globally. Currently a team of 60, Mabey plans to double headcount in 2022.
Existing investors Union Square Ventures, Point Nine Capital, Seedcamp and Taavet Hinrikus, co-founder of Wise, formerly known as TransferWise, also participated in the funding round.
Check out the pitch deck it used to raise the fresh funds.