Juro brings $23M into its browser-based contract automation platform
London-based legaltech startup Juro has grabbed $23 million in Series B funding for its browser-based contract automation platform. Altogether the startup has raised $31.5M since being established back in 2016.
Financial backers in the Series B are Eight Roads, which led the round – in addition to existing financial backers Union Square Ventures, Point Nine Capital, Seedcamp and Taavet Hinrikus (Wise/TransferWise co-founder).
Eight Roads’ partner, Alston Zecha, joins Juro‘s board.
Juro says its yearly repeating income has significantly increased year-on-year. And while it’s not disclosing its valuation at this round it says it’s increased more than 5x.
It is at last revealing clients numbers – saying more about 6,000 companies are utilizing its foundation, including the likes of Deliveroo, Cazoo, Trustpilot and TheRealReal, with clients spread across 85+ nations.
“Right now, we work with more than 20 unicorn-valuation scale-ups,” says CEO and co-founder Richard Mabey. “These companies often process very high volumes of contracts, which is where we really help. But more traditional enterprises like Reach plc have also adopted Juro fully, so we anticipate more enterprise demand during 2022.”
The startup has focused on disrupting the use of legacy tools like Word and PDFs for contracts — offering a dedicated, browser-based contract builder platform, rather than merely creating a cloud-based work flow for moving files around.
“We are challenging the notion that contracts need to be static files at all,” Mabey tells TechCrunch.
“We do this by rescuing those agreements once again from Word and into a specially assembled, program local editorial manager.”
“This editor is exceptionally particular and integrates seamlessly into a company’s tech stack,” he adds. “250,000 agreements were handled in this manner last year and for specific use cases it can be magic (we have a NPS of 72).”
“In the same way that developers use GitHub or designers use Figma to collaborate, in Juro you can process contracts from creation through to signature without ever leaving your browser. In this regard, we really see our main competition as MS Word.”
The most recent tranche of funding will go on market extension in the US and Europe, further investment into the product and for an executive employing drive to help the planned scaling.
The startup has offices in London and Riga, as well as a growing “remote hub” — and says it is hiring in all locations.
Mabey says its priorities on the recruitment side are to hire a VP of marketing and VP of engineering.
“Juro‘s core strength is in agreement creation and we will twofold down here,” he adds. “We are the main stage with a browser-native editor explicitly designed for contracts. A lot of our efforts will go towards this, alongside forming new incorporations into this supervisor (for example CRM frameworks).
“For clients, this implies one bound together insight for making, supporting, arranging, marking and overseeing contracts.”
Commenting on Juro’s Series B in an statement, Eight Roads’ Zecha, added: “Until Juro, there hasn’t been an across the board stage which computerizes contracts and furnishes frictionless mixes with customers’ work processes. Juro is utilized by lawful, deals, HR and different groups at a portion of Europe’s best high-development organizations remembering numerous for Eight Roads’ portfolio. It has market-driving consumer loyalty scores in addition to the most elevated worker fulfillment score we’ve seen at a scaleup. We are excited to join forces with Richard, Pavel and the Juro group.”
Juro seems to be witnessing huge growth with its innovative platform. I’m sure the company will continue to reach new heights of success in the time to come. My best wishes to the team of Juro.Shishir Gupta, Founder and CEO, StartupLanes
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