Global venture capital fund Ventech led the financing round, joined by initial law firm investors Clifford Chance and Latham & Watkins, and investment company Prins.
By Brenda Sapino Jeffreys and Rhys Dipshan
Reynen Court, a legal tech platform that aims to be a centralized “app store” for a host of legal tech vendors, announced on Wednesday that it has secured $4.5 million in funding, with such investors as Clifford Chance and Latham & Watkins.
Global venture capital firm Ventech led the funding round, with additional participation from an investment vehicle controlled by Reynen Court’s founder and CEO, Andrew D. Klein.
The app’s relevance could be increasing because firms have greater technology needs with COVID-19 pandemic remote work. Paul Greenwood, chief information officer at Clifford Chance, said in a press release that his firm has seen that potential from the start.
“We believe this now more than ever in light of the rapid acceleration in adoption of new technology in the legal sector catalyzed by the outbreak of COVID-19,” Greenwood wrote.
Both Clifford Chance and Latham & Watkins previously invested in the legal platform when it first got off the ground in 2018. A whole consortium of law firms is involved, including Slaughter & May, Davis Polk & Wardwell and Simpson Thacher & Bartlett, helping to guide the legal tech platform’s development and better define vendor participation standards.
Reynen Court officially launched in August 2019, when it also announced a partnership with alternative legal service provider Elevate, which agreed to make some of its legal tech tools available on the app. Earlier that year, Reynen Court also built out its leadership team, hiring Davis Polk attorney Christian Lang as head of strategy and Washington State-based lawyer Nancy Norton as general counsel.
According to the release, nearly 200 third-party application vendors are actively engaged with Reynen Court, and more than 100 are already under contract and either in the Reynen Court “solution store” or working toward participation.
Law.com
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