London-based Apperio, a provider of legal spend analytics and matter tracking software, announced that it has secured $7M in a growth funding round led by Molten Ventures.
Notion Capital, IQ Capital, Nextlaw Ventures, Volution, and Hambro Perks also participated in the round.
The company’s CEO Nicholas d’Adhemar, a lawyer turned private equity investment manager, founded Apperio after experiencing huge transaction fees for his PE firm from outside legal service providers, which would frequently exceed the cost of the initial estimate.
Apperio provides in-house counsel with a comprehensive view of its legal spending on a single dashboard.
Its legal spend management platform aggregates and analyses historical and current legal spending, including law firm work-in-progress (WIP) / accruals, and provides a streamlined invoice approval workflow.
Apperio says that in-house lawyers and legal operations can see when the budget for a given legal matter meets a certain threshold in real-time.
This empowers in-house counsel to control and optimize their spending with law firms, ahead of the invoice.
The company works with private equity ranging from boutique PE firms like Epiris to global giants like EQT.
The platform has more than 60 corporate counsel customers today.
Customers include Network Rail, Cornerstone, Phoenix Group, and Royal London.
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