Apperio, a London, UK-based provider of legal spend analytics and matter tracking software, announced that it raised a $7 million growth round of venture capital funding, bringing its total raised to $19.9 million to date.
Molten Ventures (formerly Draper Esprit) led the investment, which was joined by Notion Capital, IQ Capital, Nextlaw Ventures, Volution, and Hambro Perks who provided venture debt. Both Volution and Hambro Perks are new investors included in this round.
The company will use the funding to further develop its product for corporate counsel and meet the growing demand for new functionality from law firms. Apperio will also accelerate its expansion into the U.S. market.
“We’re deeply grateful to our investors whose commitment has enabled Apperio to think differently about this enduring problem of transparency in the business of law,” said founder and CEO, Nicholas d' Adhemar. “We’re looking forward to their continued collaboration in this next chapter as we build out our legal spend management software and strive to strengthen the relationship between corporate counsel and their law firms.”
Apperio provides in-house counsel with a comprehensive view of its legal spending on a single dashboard. Its legal spend management platform aggregates and analyzes both historical and current legal spend, including law firm work-in-progress (WIP) / accruals, and provides a streamlined invoice approval workflow.
The product quickly drew interest from in-house lawyers working in private equity, ranging from boutique PE firms like Epiris – to global giants like EQT. It has also gained traction among the broader legal market and has more than 60 corporate counsel customers today.
Company: Apperio, Ltd.
Round: Growth Round
Funding Month: January 2023
Lead Investors: Molten Ventures
Additional Investors: Notion Capital, IQ Capital, Nextlaw Ventures, Volution, and Hambro Perks
Company Website: https://www.apperio.com/
Software Category: Legal Spend Management Software
About the Company: Apperio is a legal spend tracking and analytics platform that provides complete certainty on legal spend in real-time. Apperio’s legal spend management software provides analytics and real-time visibility on external legal matters. This enables in-house counsel to control and optimize their spend with law firms before the bill is issued. Rather than accumulate legal bills, Apperio works by aggregating data directly from the sources of truth—law firms’ time recording systems. Currently, Apperio is used daily by more than 60 in-house legal teams, including Epiris, EQT, Network Rail, Royal London, and Cornerstone.