A Melbourne-based legal software platform that allows lawyers to automate document drafting, client interactions, data management, contracts and advice has raised $5.2 million in a funding round led by OIF Ventures.
Josef’s raise also saw participation from Flying Fox Ventures, Jelix Ventures, Saniel Ventures and Carthona Capital, which spearheaded the company’s previous $2.5 million capital raise last year.
The latest capital injection will be used to boost the company’s customer acquisition - particularly with in-house legal teams, with Josef already servicing clients such as Nutanix, CoreLogic, Bupa, and Who Gives A Crap.
It will also bolster Josef’s global footprint with new hires in the US, as well as the Asia-Pacific (APAC) region, following launches in North America and Europe last year.
Founded in 2018, Josef is the brainchild of former lawyers Tom Dreyfus and Sam Flynn and engineer Kirill Kliavin, who launched the no-code software platform that allows clients to build bots that can automate day-to-day legal services.
Used by the likes of international firms Gunderson Dettmer, Clifford Chance and MinterEllison, the platform requires no prior coding knowledge - instead offering lawyers a one-hour onboarding session, as well as a support channel that provides further training and education.
Working alongside its clients, Josef has spent the past 18 months integrating with core systems in the legaltech space, such as DocuSign, Salesforce, Office 365 and iManage.
“Josef is no longer just about helping legal practitioners improve their effectiveness and efficiency through technology, although this is still a core part of our offering,” Dreyfus said.
“We’re an innovation partner helping the sector automate the nitty gritty so that teams can better assist the people they serve. While we’ve always focused on solving problems for both in-house teams and law firms, we’re now in a position to help the millions of corporate legal teams globally do better.
“Whether this be helping address unmet justice needs or streamlining operations so that the work that really makes a difference can be prioritised, we’ve created a simple but impactful automation platform that anyone in the legal trade can use. Our focus is now on helping the global industry realise just what is possible.”
According to Thomson Reuters Tech & the Law 2022 report, an overwhelming majority of Australian private practice professionals (81 per cent) regard more efficient processes as their most valued way of working.
The survey, which captures the experiences of 156 in-house counsel and 670 private practice professionals, also found that 59 per cent of private firms were ramping up technology adoption in the wake of COVID-19.
“Tom, Sam and Kirill are deep domain experts who saw a huge opportunity for automation and digitisation in one of the most traditionally manual industries. Having worked as lawyers themselves, Tom and Sam have an authentic passion and drive to make the industry more efficient, freeing up valuable time for lawyers to focus on critical, high value work,” OIF Ventures partner and co-founder Jerry Stesel said.
“When investing we look for a business that has both a solid understanding of their customer’s needs, but also longevity in their ability to service that need. What’s exciting about Josef is its potential once a customer is onboard – the platform’s scope never stops growing.”
Carthona Capital partner Dean Dorrell added the business has continued to grow from strength to strength and is clearly becoming more critical to the end customer as it matures.
“Josef is a truly global business run by a brilliant team producing cutting-edge technology. Given they come from the industry themselves, the founders really understand the problem at hand and the nuances required to make their efforts a success.
“We see a future where every lawyer has a Josef work station at their fingertips. From the talent they’re hiring to the partnerships they’re brokering, they’re solving big challenges incredibly well.”
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