Global investors back Cambridge legal tech startup
Cambridge UK legal technology startup Pekama was on cloud nine after raising significant but undisclosed funding in an oversubscribed funding round backed by an international group of investors.
Pekama aims to revolutionise the way lawyers collaborate with their clients. It provides a cloud-based collaboration tool that allows lawyers, clients and third parties to communicate in real-time while eradicating email congestion, centralising access to legal documents and keeping clients up-to-date on the progress of each legal matter.
The platform also automatically populates data feeds with legal updates feeds from Intellectual Property offices and Companies House – with more planned – triggering related task management and events.
Cambridge headquartered-law firm Taylor Vinters has come on board as an investment partner and David Gill, managing director of St John’s Innovation Centre, is a mentor to the business.
Investors include Ben Gammon at Rockspring Ventures, Guy Feld co-fund manager of Marlborough UK Micro-Cap Unit Trust, Cambridge business angel Nick Balon, and Israeli law firm Lior Pick & Co.
The funding will enable Pekama to develop a full mobile experience of the software, connecting lawyers, clients and other stakeholders in real-time and across multiple devices. Pekama is in soft launch, currently working to integrate all of the major legal tools into the Pekama software.
Founder Ze’ev Fisher (pictured above) said: “I am delighted to be closing a second successful round of funding for Pekama, which brings legal services into the 21st century.
“With Pekama, we are building the future of legal services and as such we are working with forward-thinking law firms who want to participate in the creation of this future and to benefit from a first-mover advantage. I am thrilled to have Taylor Vinters onboard and believe their entrepreneurial approach to the legal profession will be incredibly valuable to the development and scaling of Pekama.”
Taylor Vinters has invested an undisclosed financial amount, as well as committing operational, development and marketing support to Pekama. This is Taylor Vinters’ first investment in a Cambridge-based technology start-up, with more expected to follow in the New Year. The move further consolidates the firm’s ongoing strategic repositioning, which last month saw Taylor Vinters seek and agree a deal with Howes Percival to transfer part of its real estate team, allowing the business to focus on its technology and entrepreneurial wealth clients.
Ed Turner, managing partner at Taylor Vinters, says: “This investment is an exciting addition to the Taylor Vinters’ business portfolio. From a law firm perspective, we can see just how transformative to business efficacy and client satisfaction and retention the Pekama software can be and we are already trialling it within our business.
“Our investment in Pekama represents a considerable shift in the traditional law firm business model we see elsewhere, which only commits capital to initiatives the firms owns or accesses exclusively.
“Legal Tech is a burgeoning sector, akin to FinTech, FashTech, AdTech and the Internet of Things, all fast-paced sectors where Taylor Vinters has seen increased client demand across all of our offices.
“This investment in Pekama is one way we show our ongoing commitment to participating in the Cambridge innovation ecosystem, supporting start-ups with high-growth potential and connecting them to our broad network across the UK and into Asia Pacific via Singapore.”
David Gill added: “Part of the strength of the Cambridge technology ecosystem is that start-ups like Pekama and established professional firms can interact so readily. Investment matters, of course, but the real benefit of Taylor Vinters’ involvement for Pekama is the live collaboration with a user whose standards are necessarily demanding.
“Pekama couldn’t have a better testing ground for software designed to improve lawyer-client communication than operating in real time with professionals who understand what the best outcome looks like.”