The investment is led by ADN Capital, with participation from a group of angel investors, which includes legaltech’s heavy-hitter names such as Samera Mohammed, Amrit Johal and Hockham Suthi. The seed financing round follows a previous pre-seed investment in the company.
Lawtech 365 was founded by three partners, Rudi Kesic, Azeem Rashid and Mev Dzihic. The founders are senior executives from legal and software industries.
“The support from our business angel investors in closing this round of seed financing is an important step for Lawtech 365’s continued growth. It paves the way for expansion to other jurisdictions and an opportunity to turn the “Lawyer 365” brand and the “Verify 365” AML verification platform into global legaltech players,” said Rudi Kesic, CEO and Founder at Lawtech 365.
In October 2021, the company launched two innovative technology platforms specifically developed for the legal sector, Verify 365 and Lawyer 365. Verify 365 is the world’s first automated, biometric NFC-based ID verification and client onboarding platform, including a native app for AML checks, FCA-regulated access to open banking digital statements and PEPs and sanctions checks. Lawyer 365 is the next-generation virtual law marketplace and legal advice app, which includes in-app video consultations with an approved list of lawyers, appointment bookings, lawyers’ professional profiles, legal document downloads, artificial intelligence legal assistant and integrated payments for consultations. The company is currently developing its latest technology platform, eSign 365, a Qualified Electronic Signature app (QES) with built-in NFC-based ID verification to verify the person signing a legal document, which will launch in October 2022.
The company’s head office is in Stratford-upon-Avon, U.K., with virtual hubs and strategic partnerships in Dubai, Toronto, Qatar, Brisbane and Bahrain, and currently in the process of setting up hubs in New York and San Francisco.
“I am thrilled to be an early investor in Lawtech 365,” said Samera Mohammed, angel investor from Birmingham.
“Lawtech 365 has developed incredible technology and it’s what the legal sector needs. It’s been developed by lawyers for lawyers, which is very important for me as an investor. I am also very excited about the new Verify 365 platform in particular, which is a unique ID and client onboarding verification app developed specifically for the legal sector and the only system in the world which is fully compliant with all the major legal and financial industry regulators, including Her Majesty’s Land Registry Safe Harbour Digital ID certification, the Financial Conduct Authority’s and the SRA’s AML Compliance Standards. I am looking forward to supporting Rudi, Mev and Azeem and to the company’s continued global expansion.”
“Verify 365 has grown at a phenomenal pace over the past 6 months and the platform is generating significant monthly recurring revenue. This is an incredible achievement for a lawtech start-up,” added Hockham Suthi, one of the business angel investors backing the venture.
The company’s second product, the Lawyer 365 app, currently has over 200 law firms using the technology and the app is steadily increasing its monthly recurring revenue from subscriptions. The company claims to be on target to get to 1000+ lawyers on the premium subscription plan by the end of 2023. Recently, the app introduced “paid” legal consultations, enabling lawyers to earn up to $350 an hour without leaving home by carrying out remote video consultations with clients.
In April 2022, the company launched the world’s first Artificial Intelligence Legal Assistant (AILA), as part of the Lawyer 365 app. AILA combines legal expertise with the power of technology. The company claims that AILA was designed around a lawyer’s brain, using artificial intelligence.
“AILA is what makes the Lawyer 365 app so different from any other legal tech in the market. We believe that over the next ten years, AILA has the potential to become a transformational force in access to justice at global level. The AI-app will help lawyers work faster, see more clients, and make decisions based on user-inputted information,” added Amrit Johal, one of the company’s early investors.
The company’s founder, Rudi Kesic, has invested over $1M in the company, which was used to fund the initial development and the launch of beta-versions, and he will continue to invest and support the business in the future.
“We wanted to give an opportunity to a select group of our business partners and VCs to pool together individual investments and provide the capital needed to grow and develop Lawtech 365. We didn’t expect such an overwhelming response. We talked to about 20 potential investors and received 17 investment offers, so we could have easily secured in excess of $10M in capital in this seed round. But we simply don’t need $10M at this stage. We selected 6 strategic investors to work with, giving priority to those that understand the legal sector and can assist us to grow the business in the U.K., Middle East, Canada, U.S. and Australia. We have plans to initiate a Series A funding round in April 2023, but we already have more than 10 venture capital funds interested in investing in us, so this is a very exciting period for the company.”
“Lawtech 365 will continue with our global expansion plans and to build legal tech that helps lawyers from around the world achieve their dreams. I have witnessed the remarkable passion and perseverance of my team, in tough conditions, to make these accomplishments possible. Special thanks go to my colleagues Mev Dzihic and Azeem Rashid who have worked tirelessly to make Lawyer 365, Verify 365 and eSign 365 a great success. If we achieve the recurring revenue targets over the next 3 years, we could see another $1BN legaltech unicorn and the first one with its true origins in the U.K.,” added Rudi Kesic.
30 June 2022
For more information, please visit the company’s product websites:
- VERIFY 365 – www.verify365.app
- LAWYER 365 – www.lawyer365.app
- ESIGN 365 – www.esign365.app