Pocketlaw Secures Nearly €5M to Supercharge AI-Powered Legal Tech Across Europe
In a major boost to its mission of revolutionizing legal workflows, Pocketlaw has successfully closed a funding round, raising nearly €5 million. The Stockholm-based legal tech company, which also operates out of London, plans to use this fresh capital to accelerate its artificial intelligence (AI) product development and expand its footprint across Europe. The announcement marks another milestone for the company, which continues to gain traction in the rapidly evolving legal tech landscape.
What is Pocketlaw?
Pocketlaw is a platform designed to centralize legal processes for businesses, enabling them to automate and scale contract management. By offering intuitive self-serve tools, the company empowers organizations to streamline their legal operations. The platform combines contract management with advanced features like document review, comparison against company playbooks, and the extraction and visualization of key data from large sets of contracts.
Since its inception, Pocketlaw has been on a mission to simplify legal workflows, and its innovative approach has resonated with businesses across Europe. The company previously raised €10 million in Series A funding in 2022, underscoring its strong growth trajectory.
Who’s Backing Pocketlaw?
The latest funding round saw participation from both existing and new investors. Among the returning backers is Atomico, a prominent venture capital firm. Joining the roster of supporters is Willard Ahdritz, a leading Swedish tech entrepreneur and the founder of Kobalt Music Group. Ahdritz brings a wealth of global experience to the table and will also take a seat on Pocketlaw’s Board of Directors.
Reflecting on his decision to invest, Ahdritz shared, “By implementing a centralized platform for data, intellectual property, and collection technology across over 200 countries at Kobalt Music, I’ve witnessed firsthand the extensive legal work required to manage such operations. Today, legal functions have evolved from being mere cost centers to becoming critical components for scaling and driving global revenue in an increasingly complex legal environment. Enter Pocketlaw, transforming legal workflows through technology.”
AI at the Core of Pocketlaw’s Vision
Pocketlaw has been making significant investments in artificial intelligence, a move that has positioned the company as a leader in the legal tech space. The company’s AI initiatives have been spearheaded by Faruk Sahin, who joined Pocketlaw last year as VP of Engineering. Sahin previously held a leadership role at Sana Labs, where he honed his expertise in AI development.
Co-founder and CEO Kira Unger Söderlind emphasized the transformative impact of AI on the legal tech industry. “AI has completely transformed the landscape of legal tech. We are seeing an enormous increase in market demand for AI-powered legal solutions,” she said.
Her sentiments were echoed by co-founder Olga Beck-Friis, who highlighted the rapid adoption of Pocketlaw’s AI tools. “Pocketlaw is used to augment team capabilities, and with our new AI products, we’re seeing explosive adoption of AI amongst our users. In just the past six months, usage has increased by over 1200%,” Beck-Friis revealed.
Why This Matters
The legal industry has long been viewed as a slow adopter of technology, but companies like Pocketlaw are changing that narrative. By leveraging AI, Pocketlaw is not only making legal processes more efficient but also enabling businesses to unlock new opportunities for growth. The platform’s ability to centralize and automate legal workflows is particularly valuable in today’s fast-paced business environment, where agility and scalability are key.
Key Features of Pocketlaw
Pocketlaw’s platform offers a range of features designed to simplify legal operations:
- Contract Management: Automates the creation, review, and management of contracts.
- Document Comparison: Compares documents against company playbooks to ensure compliance and consistency.
- Data Visualization: Extracts and visualizes key values from large sets of contracts, providing actionable insights.
- Self-Serve Tools: Empowers teams to handle legal tasks independently, reducing reliance on external legal counsel.
Looking Ahead
With nearly €5 million in new funding, Pocketlaw is well-positioned to continue its expansion across Europe and further enhance its AI capabilities. The company’s focus on innovation and user-centric design has already earned it a loyal customer base, and its latest achievements are likely to attract even more attention from businesses seeking to modernize their legal operations.
As the legal tech industry continues to evolve, Pocketlaw’s success serves as a testament to the growing demand for AI-powered solutions. By addressing the pain points of traditional legal workflows, the company is not only driving efficiency but also redefining what’s possible in the world of legal technology.
Originally Written by: Richard Tromans
