Latvian-British legaltech Juro secures $23M in Series B

Juro, a legaltech startup that provides an automated contract management system, has closed a $23 million Series B investment round for the US and European market expansion, TechCrunch informs.

• The round was led by Eight Roads, the global venture capital fund that previously invested in Alibaba, Cazoo, and Appsflyer. Existing investors Union Square Ventures, Point Nine Capital, and Seedcamp, as well as co-founder of Wise, also participated.
• Juro was founded in London in 2016 by Richard Ian Mabey and Pavels Kovaļevics. In Riga, there is a subsidiary of the company SIA Juro Riga.
• Juro develops a universal contract automation platform enabling legal counsel and contracts management in a web browser. The startup provides a single unified workplace to help legal, sales, and HR teams cut down on many online and offline tools and processes.
• The platform is already used by about 6,000 companies, including Deliveroo, Cazoo, Trustpilot, and TheRealReal, and users across over 85 countries.
• In 2020, Juro closed a $5 million Series A — it was one of the five largest investments raised by Latvian startups that year, Labs of Latvia writes. Juro doesn’t disclose its valuation but says it increased more than five times after the latest round. In total, the startup has raised $31.5 million since 2016.
• Juro is planning to spend the funding on market expansion in the US and Europe, as well as further product development and executive hiring to support the planned scaling.