Reynen Court confirmed this week that it has secured an addition US$3m in funding as it prepares for its commercial launch in the first quarter of this year.
The funding was from Prins H, an investment vehicle controlled by Reynen Court founder and CEO Andrew Klein, and Ventech, an early-stage venture capital firm. It follows the US$7m Series A the company raised in December 2018, which was funded by Prins H, Latham & Watkins, and Clifford Chance.
Previously billed as an “app store” for legaltech, the company’s goal is to hasten the adoption of law firms and legal departments of AI and new technologies. The company’s platform went into beta in August 2019.
More than 50 law firms and corporate legal departments are working towards a platform launch early this year, the company said. There are also more than 120 third-party legaltech vendors in the process of making their products available on the platform.
Klein said that Reynen Court hopes to leverage the experience and skill of Ventech in guiding fast-growing global technology companies. He also said that the additional funding will be used in on-boarding application vendors and law firms, as well as hiring more people.
"To each vendor and law firm, we offer substantial assistance in project planning and technical implementation. This new funding provides us greater capacity to provide these services and thus will help us accelerate adoption by both sides of the marketplace we are creating,” he said.
Jean Bourcereau, Ventech general partner, said that the team believes Reynen Court can play a significant role in the modernisation of the legal industry around the world, given the clear benefits of standardisation to both buyers and sellers of legal tech.
Reynen Court is backed by a consortium of 19 of the world’s largest law firms. The consortium is jointly chaired by Latham & Watkins and Clifford Chance, and vice-chaired by Paul, Weiss, Rifkind, Wharton & Garrison. It also includes Cleary Gottlieb Steen & Hamilton; Cravath, Swaine & Moore; Covington & Burling; Davis Polk & Wardwell; Debevoise & Plimpton; Freshfields Bruckhaus Deringer; Gibson, Dunn & Crutcher; Orrick, Herrington & Sutcliffe; Linklaters; Ropes & Gray; Simpson Thacher & Bartlett; Skadden, Arps, Slate, Meagher & Flom; Slaughter & May; Weil, Gotshal & Manges; and White & Case.