Legal tech startup Rocket Lawyer has secured $223 million for expansion

As a result of a $223M round led by Vista Credit Partners, Rocket Lawyer, which provides online legal documents as well as virtual attorney meetings for businesses and individuals, has raised additional capital.

Rocket Lawyer, an online legal service that offers legal advice online, has raised $223 million of financing from a group of investors led by Vista Credit Partners to further expand internationally and to make acquisitions in a highly fragmented legal market.

There are 25 million registered customers of the company, which already provides legal documents online, as well as virtual meetings with attorneys to businesses and individuals in the U.S., the U.K., and other parts of Europe. The subscription price for the service is $40 per month, and the customer can also purchase individual documents, ranging in price from $40 for a simple living will to $100 for corporate incorporation.

Legal tech startup Rocket Lawyer has secured $223 million for expansion
Legal tech startup Rocket Lawyer has secured $223 million for expansion

In 2008, Rocket Lawyer’s CEO Charley Moore established his business as a result of a simple idea that he had while practicing law in Silicon Valley prior to founding the company. There was no reason that regular people could not get access to great legal counsel and tools as well-funded, venture-backed companies and rich individuals did, and he wondered why they couldn’t.

In its first online document, the San Francisco-based company created a living will form, which was its first online document. There are now over 1,000 documents available online, as well as advice from Rocket Lawyer’s attorneys on how to use them.

As a result of Rocket Lawyer’s success, the staid legal profession is being disrupted by a number of startups that have been attracting a lot of funding from venture capitalists. A company called Everlaw raised $62 million in financing last year from investors including Google parent Alphabet, which enables lawyers to sort and search vast amounts of digital documentary evidence. During two rounds of fundraising, the company Verbit, which is powered by A.I. and manages courtroom transcriptions, raised $91 million. It was also reported that Notarize, a company that provides online notary services, raised $35 million.

This company, Rocket Lawyer, has raised about $50 million in previous rounds of venture capital, but it still faces significant competition from both traditional law firms and other online companies such as LegalZoom and UpCounsel as well.

It is no wonder that the COVID-19 pandemic accelerated the shift to online legal services at the same time it fueled the growth of e-commerce and streaming video. It is clear that, in the event of a pandemic, there has never been a more urgent need for digital solutions for justice, when it is impossible to have a physical presence,” says CEO Moore. The acceleration we saw was real, it won’t go back in the other direction. A lot of people have started relying on digital, legal transactions that do not require a physical presence, not just regular people, but companies and governments as well.”

According to Moore, Rocket Lawyer is profitable and growing at a “very nice clip,” although he declined to give more details on the growth rate. There has been a steady growth in the business over the past few years, mainly driven by convincing large and medium-sized companies to offer Rocket Lawyer as a benefit to their employees as a result of Rocket Lawyer’s rapid growth.

Moore was raised in the St Louis area and helped his father, who ran a chain of gas stations in the area, as he grew up. After graduating from the U.S. Naval Academy, he served in the Navy for several years, and then entered the University of California at Berkeley School of Law, graduating as the Internet boom was just getting started in 1996. He was a lawyer in Silicon Valley, and he worked on numerous deals for Internet startups including Yahoo’s IPO, which was one of the biggest deals of all time.

Moore, a black CEO in Silicon Valley, has experienced his share of racial incidents and he says that he has been the victim of multiple instances of racial profiling during his career. Moore, a mother of three sons, was even more alarmed when he learned of the death of George Floyd. Moore incorporated a new feature called Rocket Evidence into Rocket Lawyer’s mobile app as a way to assist users in finding evidence that they need. In addition to uploading video footage they’ve taken or found, users can also get a consultation with a lawyer at the company by uploading video footage that may show evidence of a crime.

According to Moore, the goal of the project is to eliminate the heart-ache and the tens of thousands of natural shocks that flesh is heir to, which Moore quotes from Hamlet’s most famous speech.

Video captures the thousands of natural shocks that occur every minute, as he explains. Increasingly, video evidence is becoming an integral and critical component of justice and the process of justice.

All uploads are reviewed by Rocket Lawyer attorneys before they are published. In Moore’s words, “you can make your problem our problem by bringing it to us.”. “You can make a claim, and you will get help with your claim, as long as you provide video evidence to support your claim.”. The action was definitely taken in response to the murder by a government agent of Mr. Floyd in broad daylight that occurred the same day.”

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