Legal Tech Start-up Apperio Raises $10 Million In A Series A Round, Led By Draper Esprit

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Below is our recent interview with Rebecca Tear, Head of Marketing at Apperio:

Rebecca Tear

Q: Rebecca, how would you describe Apperio?

A: Apperio is a legal tech start-up transforming the way companies analyse their legal spend. It provides companies and their in-house legal teams with complete visibility of legal spend. The platform allows them to track both billed and unbilled hours, in real-time, run analytics and monitor law firm performance. It helps in-house teams to effectively manage budgets and to demonstrate value internally.

Q: How did you know there was a market for it?

A: Apperio’s Founder, Nicholas d’Adhemar, spent six years working as a lawyer and three years client-side in private equity and experienced first-hand the unnecessary conflict, confusion and cost that often-accompanied legal fees. That’s why he started Apperio. Apperio’s mission is to provide symmetry of information between law firm and client. That way, both General Counsel and their law firms are free from the grind, so they can focus on their goals: deepening relationships, developing trust and driving returns.

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Q: What is your core competence?

A: We are experts in providing clarity on legal spend, both billed and WIP. Unlike legacy eBilling software, Apperio is fully automated and provided as a cloud application, requiring no administration or change in behaviour from either the company or the law firm. Apperio receives data on a daily basis from all law firms, resulting in a real-time provision to corporate legal departments and a clear picture of their exposure at any given time.

Q: You have recently raised $10M, could you tell us more about your recent funding round?

A: Apperio recently raised $10 million in a Series A round, led by Draper Esprit and supported by our existing investors Notion, IQ Capital and angels.

The funds will be used to grow all parts of the business. There is a particular focus on the Commercial and Customer Success functions to support our growing customer base and to promote international expansion. We are also continuing to invest in our technical team with multiple hires at each stage of the stack.

Having already brought in several new hires we have outgrown our old office and have just moved to a new HQ in Holborn, the heart of London’s legal district.

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Q: How do you see the future of Apperio?

A: The team will double in the next 6 months, with hires in Sales, Customer Success, Tech and elsewhere.

With regards to the product, we will be iterating on existing functionality and adding new features to make it simpler for General Counsels to understand and control their legal spend. Our roadmap is very much defined by our customers and what they are suggesting/requesting.

In the US, corporations and their law firms have the same problems with transparency and the same outdated technical infrastructure. We already have 21 of the top 40 law firms connected to Apperio in the US. This will be an area of focus for us going forward but London will remain our HQ.

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