SimpleLegal, a cloud based software to manage accruals, e-billing, legal matters and spend of enterprises was added to our portfolio in August 2013 and they were in seed round till the end of 2015. Since then company was growing on its own without requiring any extra funding. However, after experiencing the unplanned increased growth, they have now raised a Series A round of $10M to keep up the pace. We are very pleased to share about it and wish the very best for SimpleLegal.
This new round of funding is led by Emergence Capital, early investors in Salesforce and a slew of other successful cloud-based software companies (earlier investor RinconVP and Susa Ventures also participated). It is also another feather in the cap of Y Combinator, whose partners seem to have a knack for picking great legal start-ups (see e.g. Casetext, Ironclad, Legalist, Willing, Ross, just to name a few).
“We did raise our A Round earlier than planned. We always knew we were building a venture-backed company focused on growth. But, we also believe that enterprise software companies needed to take a different path than the typical Silicon Valley consumer-focused startup. Where their motto might be move fast and break things, in enterprise software with SOX and other compliance issues, our motto has to be get everything right, then move fast.“, said SimpleLegal CEO Nathan Wenzel.
Please read full story at Above The Law.