Legaltech business Clarilis has raised £3.1m.
The new money is earmarked as development capital to fuel expansion and comes from NVM Private Equity.
Midlands-based Clarilis is a high-growth technology business providing drafting automation solutions to the legal industry.
NVM said the funds will help Clarilis to continue on its growth trajectory, with the funding enabling the team to accelerate their strategic initiatives and capitalise on the strong market demand they are experiencing.
Co-founded by James and Kevin Quinn, Clarilis launched its solution in 2015. It combines a proprietary technology platform with an internal team of experienced lawyers and automation staff to deliver a complete service offering to clients. Over the past two years Clarilis has built relationships with major UK and US law firms, partnering with them to increase the speed of their drafting whilst maintaining quality and consistency.
The size of the UK legal market is currently at a record high, with the sector delivering solid financial results. However, firms are experiencing considerable client pressure on fees and the methods of service delivery. Competition from new entrants to the legal market, facilitated by a more liberal regulatory environment, has driven a renewed focus on innovation and technology in order to maintain profitability and market share.
Tim Levett and Jason Warren led the investment for NVM. Levett joined the Clarilis board at completion. The investment in Clarilis represents NVM’s sixth growth capital investment of 2018.
Co-Founder of Clarilis, James Quinn, said: “Our partnership with NVM is a significant step in furthering our reach in both the in-house and private practice markets. The team at NVM shared our vision and most importantly immediately understood the market opportunity. We look forward to working with NVM to accelerate our growth whilst maintaining our focus on quality.”
Levett, Chairman of NVM, added: “We were impressed by Clarilis’ approach of combining a skilled internal legal team with powerful automation technology to provide a comprehensive solution for their customers. The calibre of the client base the business has been able to build in a short space of time is testament to the quality of their solution and we are very much looking forward to working alongside the team during the next phase of growth.”