Brilliant Law, the alternative business structure (ABS) that was set up with investment from BetFair founder Bert Black, has just received a further seven-figure cash injection.
One of the new investors, lawyer turned investment banker Jag Mundi, has also joined as a non-executive director.
A number of private equity funds and high net-worth individuals participated in the funding round, which was led by Elcot Capital Management.
Matthew Briggs, chief executive of the Leeds-based firm – which in January was the first start-up ABS founded by non-lawyers – said the new investment was in “single-digit millions” from “like-minded and supportive investors”.
He said the cash would enable the business to go after some unexpected opportunities that had come its way, and also strengthen and broaden the company’s service offering as customer demand had already led it to provide services that had not originally been planned for.
The firm currently employs 28 people but though he will strengthen the “in-house capability”, Mr Briggs would not say how many more might be recruited, arguing that headcount was not a measure of success. “It’s about ensuring we have adequate firepower to deliver groundbreaking propositions,” he said.
There will also be further investment in marketing, while Brilliant Law’s online shop – where the purchase of a legal ‘product’ triggers a call from one of the firm’s lawyers to customise it to the buyer’s needs – will expand over the next six months from 45 products to 100.
Mike Vogel, chairman and CEO of Elcot Capital Management, said: “I believe the company’s ability to offer high-quality legal services through a groundbreaking platform will enable it to take market share and tap into an otherwise under-serviced customer base.
“Brilliant Law’s ambitious and experienced management team, coupled with its innovative approach, gives us full confidence that the company is going to expand rapidly.”
Mr Mundi started his career as a corporate lawyer at City firm Gouldens (now Jones Day) before turning to investment banking. He was co-head of corporate finance at Investec and more recently head of investment banking Numis Securities. For the past five years he has been an independent adviser.
Mr Briggs said: “I am delighted to be welcoming Jag, who will further enhance our board’s skill-set. It reflects well on our progress that we are already able to attract individuals of Jag’s calibre.”
Matthew Briggs is speaking at our conference 2020 Vision, being held in London on 7 November. For more details, click here.