Evident Legal, the law firm franchise turned online legal service, has secured a cash injection from a venture capitalist to help it grow.
As first reported on Legal Futures last year, its brand – Simplify the Law – provides business users with a wide range of free legal guidance, as well as the ability to create a range of free legal documents, along with a lawyer directory if they need further help. There are currently over 80 lawyers listed on it.
The investor, ARC InterCapital, was set up by former Goldman Sachs vice-president Andrew Dixon. ARC invests in start-up and early stage UK businesses that require funding of between £100,000 and £500,000 in seed money or growth capital.
Its previous investments include health club chain Fitness First and Gamesys, one of the UK’s largest online gambling operators.
The Evident funding will be used for cash flow and product development over the next two years. The company offers a version of its website as a white-label product to law firms and Evident chief executive Jonathan Brewer said he is currently talking to 75 commercial practices about a white-label version, with three confirmed orders.
Mr Dixon said: “First and foremost, we back innovative business models and great management teams. The Evident team has outstanding experience and knowledge of the legal sector and I have seen at first hand how credible they, and the solution they offer, are with partners at law firms. These law firms also clearly understand how Evident’s services will help them build their businesses.”
Mr Brewer added: “Aside from the financial strength it provides, it’s also very encouraging that such an experienced investor recognises the growth potential in our business and our mission to support commercial law firms in their battle against new competition – particularly from the US.”