Legal-tech startup Libryo, co-founded by three South African entrepreneurs in 2016, has raised $1 million to expand the business.
Libryo, the London- and Cape Town-headquartered startup, aims to make it easier for companies around the world to understand their legal obligations.
New investors include Innogy, Force Over Mass, and angel investors, alongside follow-on investment from Seedcamp and Nextlaw Labs, bring total funding to-date to $1.2 million.
The company said it will use the cash to expand its team with critical hires to further develop its product, manage customers and grow the business into new markets.
In the past year, the business has expanded from five to 50 countries, 45 of which are across Sub-Saharan Africa. The $1 million seed round will help to expand the business further across four continents – Africa, Europe, North America and Australia – in the next 18 to 24 months, Libryo said.
“The Libryo Platform was built to overcome regulatory complexity. Its fundamental purpose is to empower organisations globally, to know, for sure, what they are required to do by law and regulation,” the compnay said.
The legal tech software-as-a-service is designed for compliance professionals and in-house lawyers to answer the question immediately and accurately in an automated, efficient and cost-effective manner.
Customers already using the Libryo platform include large and listed companies in the telecoms, energy, infrastructure, mining, and oil and gas industries, among others.
In its first year the company had an annual revenue of £150,000, which has already grown nearly three-fold this year. The ambition is to reach a revenue of £2.5 million in the next 18-24 months, Libryo said.