Brisbane-based legal technology company Lawcadia announces that it has recently raised $1.3 million in a pre-Series A round from a number of private investors and Artesian, a leading Australian alternative investments and venture capital firm.
Founders of Lawcadia, Warwick Walsh and Sacha Kirk, recent recipients of Brisbane’s Young Entrepreneurs Award 2019 (Legal Category), had previously accepted investments from Queensland’s Business Development Fund and Brisbane-based seed investor ACAC Innovation. This brings the total amount that Lawcadia has raised to $3.8 million over 3 years.
For Artesian, Australia’s largest and most active early-stage venture capital firm, Lawcadia is one of their first investments in the legal tech space.
Lawcadia CEO and Founder Warwick Walsh said Lawcadia that has been largely focusing on the Australian market and advancing product innovation. This latest fund raising will allow the business to scale and look to global opportunities.
“Having Artesian involved in our business will be a real asset for us. We are already enjoying working with their team and benefiting from their breadth of knowledge and experience in scaling successful tech companies like ours.”
“When I look to bring on additional investment and shareholders, one of the main things I am looking for is shareholder alignment. Sometimes that means a potential investment can’t progress, but I feel that especially for emerging businesses like ours, having everyone aligned and focused on the same goal and outcomes is vital.”
Founded in 2015, Lawcadia was launched to transform the way in which in-house legal teams manage their law firm engagements including budget, scope and invoicing, with the intention of providing greater transparency, accountability and cost savings.
Recognising that efficiency and transparency are pain points for most legal teams, not just those with high external spend, Lawcadia has expanded its remit to streamline the entire matter management process for in-house legal teams with a newly released high powered matter intake tool along with project, task and resource management capability.
The Australian legal market is responding to this home-grown, innovative approach, with numerous corporate and government legal teams working with Lawcadia, including one of Australia’s major banks, ASX 100 companies, local and state government organisations and large not-for-profits.
On winning the Young Entrepreneurs Award in Brisbane on Friday 20 September, Lawcadia’s co-founder Sacha Kirk says that they are incredibly proud of their progress and growth to date and having closed their recent funding round meant that this achievement was even more enjoyable.
“We have an incredibly talented and diverse team and Brisbane is the ideal place for us to be located. There is no doubt in my mind that we would never have been able to achieve what we have in any other major city in Australia. The support and recognition from our community is the icing on the cake”.