Contract Automation Platform Juro Raises $23M
According to an article released by TechCrunch, Juro, the London-based all-in-one contract automation platform has raised $23 million in Series B funding. Investors include Eight Roads that led the round in the Series B, and existing investors include Union Square Ventures, Point Nine Capital, Seedcamp and Taavet Hinrikus. Furthermore, Alston Zecha, the partner of Eight Roads joins Juro's board.
Currently, over 6,000 companies such as Deliveroo, Trustpilot and Cazoo in over 85 countries use Juro as it is a convenient, flexible and easy-to-use contract automation platform that processes contracts. The legaltech startup has built a browser-based contract building platform that enables contract automation process from end-to-end, without having to disturb workflow by moving files around on a cloud-based platform.
Although the valuation for this round has not been revealed, it says it has multiplied by more than 5x and the annual recurring revenue tripled every year.
With the funding, Juro plans to expand into the US and Europe and invest further into the product. Juro is hiring in all locations as it expands globally, with a priority of recruiting a VP of marketing and VP of engineering.
“Right now, we work with more than 20 unicorn-valuation scale-ups,” says CEO and co-founder Richard Mabey. “These companies often process very high volumes of contracts, which is where we really help. But more traditional enterprises like Reach plc have also adopted Juro fully, so we anticipate more enterprise demand during 2022.”
“We are challenging the notion that contracts need to be static files at all,” Mabey tells TechCrunch. “We do this by bringing those contracts out of Word and into a custom-built, browser-native editor.”
“This editor is highly modular and integrates seamlessly into a company’s tech stack,” he adds. “250,000 contracts were processed in this way last year and for certain use cases it can be magic (we have an NPS of 72).”
“In the same way that developers use GitHub or designers use Figma to collaborate, in Juro you can process contracts from creation through to signature without ever leaving your browser. In this regard, we really see our main competition as MS Word.”
“Juro‘s core strength is in contract creation and we will double down here,” he adds. “We are the only platform with a browser-native editor specifically designed for contracts. A lot of our efforts will go towards this, along with developing new integrations into this editor (e.g. CRM systems).
“For customers, this means one unified experience for creating, approving, negotiating, signing and managing contracts.”
Commenting on Juro’s Series B in a statement, Eight Roads’ Zecha, added: “Until Juro, there hasn’t been an all-in-one platform which automates contracts and provides frictionless integrations with clients’ workflows. Juro is used by legal, sales, HR and other teams at some of Europe’s best high-growth companies including many in Eight Roads’ portfolio. It has market-leading customer satisfaction scores plus the highest employee satisfaction score we’ve seen at a scaleup. We are thrilled to partner with Richard, Pavel and the Juro team.”
It is an exciting time for Juro and demonstrates the huge potential the contract automation platform has, leading us to wonder what changes they may bring to the APAC region.
Source: TechCrunch
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