Juro Draws $23 Million In Funding For Its Browser-based Contract Automation Platform
Juro draws $23 million in funding for its browser-based contract automation platform
An investment of $23 million in Series B funding has been raised by Juro, a legal technology startup based in London, for its web-based contract automation platform. It has raised a total of $31.5 million since its inception in 2016, according to the company.
Six existing investors, including Union Square Ventures, Point Nine Capital, Seedcamp, and Taavet Hinrikus (co-founder of Wise/TransferWise), participated in the Series B round, which was led by Eight Roads.
Juro has appointed Alston Zecha, a partner at Eight Roads, to its board of directors.
Year on year, Juro reports that its annual recurring revenue has increased by more than threefold. Even though the company is not disclosing its valuation in this round, it claims that it has increased by more than fivefold since the previous round.
According to the company, approximately 6,000 businesses, including Deliveroo, Cazoo, and TheRealReal, use the platform, which has users in more than 85 countries. Deliveroo is one of the companies that uses the platform.
Collaboration With Over 20 Scale-ups
CEO and co-founder Richard Mabey says that the company is currently collaborating with over 20 scale-ups with unicorn valuations. "These companies deal with a large number of contracts on a regular basis, which is where we come in." Enterprise demand is expected to increase in 2022 as more established businesses, such as Reach plc, fully embrace Juro.
Instead of simply creating a cloud-based work flow for transferring files, the startup has concentrated on disrupting the use of legacy contract tools such as Word and PDFs by offering a dedicated, browser-based contract builder platform.
In an interview with TechCrunch, Mabey says, "We are rebutting the notion that contracts must be static files." In order to accomplish this, contracts are transferred from Microsoft Word to a custom-built, browser-native editor.
According to him, "this editor is highly modular and integrates seamlessly with a company's technology stack." This method was used to process more than 250,000 contracts last year, and in some cases, it appears to work like magic (we have a net promoter score of 72).
"Juro allows you to manage contracts from creation to signature without ever leaving your browser, in the same way that developers use GitHub or designers use Figma to collaborate." In this regard, we consider Microsoft Word to be our most significant competitor."
To use the latest round of funding, the company will expand its market presence in the United States and Europe, further invest in the product, and launch a hiring drive for executives to support the company's anticipated growth.
A growing "remote hub" is being established by the startup, which also has offices in London and Riga. The company is currently hiring in all of its locations.
Top recruitment priorities of Mabey
Mabey has stated that its top recruitment priorities are the hiring of a vice president of marketing and a vice president of technology.
"Contract creation is Juro's core strength, and we intend to make significant investments in this area," he continues. "We are the only platform that has a contract editor that is browser-native." This will be the focus of a significant portion of our efforts, which will also include the development of new integrations for the editor itself (e.g. CRM systems).
According to the company, "this results in a single, unified experience for customers during the contract creation, approval, negotiation, signing, and management processes."
Zecha, of Eight Roads, said the company's Series B funding was necessary because "there was no all-in-one platform that automated contracts and integrated seamlessly with clients' workflows" until Juro was founded in 2012. Many high-growth companies, including a number of those in Eight Roads' portfolio, rely on Juro to manage their legal, sales, and human resources departments, among other functions. It has the highest customer satisfaction ratings of any scaleup we've seen, as well as the highest employee satisfaction ratings of any scaleup. "We are overjoyed to be working with Richard, Pavel, and the Juro team," says the group.
