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UK and South Africa-based online legal compliance platform Libryo has closed a £787k ($1million)to solve the problem of regulatory complexity in organisations.
The round was led by Seedcamp and Nextlaw Lab as well as Innogy UK Innovation Hub, Force Over Mass and various angel investors including Steve Gledden and Chris Field.
According to Tom Wilson, Investment Manager at Seedcamp: “We’ve been really impressed with the Libryo team since our initial investment and are delighted to be following on in this round. We see a real demand in the market for their product as evidenced by their strong traction to date across a number of jurisdictions. We’re excited to see the team take the business forward and are confident in their ability to execute on their vision.”
Co-founded in 2016 by Peter Flynn, Garth Watson and Malcolm Gray as a platform for multinational companies to understand the legal regulations faced at each operation.
Libryo offers its users (who are often not legally trained), intuitive search, real-time updates and truly site and context specific regulatory information, anywhere, at any time. For Lawyers, the platform is helping to alleviate some of the legal research work, which their clients are often unwilling to pay for, so that they can focus on adding premium value to their clients in other areas.
“We’re already seeing a huge appetite for our service across Africa, particularly in the legal domains of environment and occupational health and safety,” said Flynn. “We’re at a key moment in our business as we look to expand our offering even further across the world and into other legal domains.”
Since inception, Libryo has expanded from a global reach of five to 50 countries (45 across Sub-Saharan Africa). The $1million seed round will enable further expansion across four continents; Africa, Europe, North America and Australia – in the next 18 to 24 months.
