Union Square Ventures, a New York-based investing company, is planning to invest $5 million in series A in Juro. Juro designed for modern business is AI-enabled and assists fast-growing firms make contracts in a smart, human, and fast way. Juro was founded in 2016 by former Freshfields lawyer Richard Mabey and Pavel Kovalevich. Paul Foster, Taavet Hinrikus, and Point Nine Capital are among the investors participating in Series A. With an initial seed funding of $2million, Series A sees Juro funds increase to approximately $8 million.
Juro is specializing in coming up with interactive and trackable systems breaking the monotonous ways of negotiating and making contracts. Also, it offers services such as contract management and E-signing. Besides, it uses machine learning tech that alerts the client on unusual language and automatic contract tagging. Also, its custom-built editor enables contracts to be retrieved easily and be machine-readable. Juro also assists entrepreneurs in deals with up to 96% faster than using machine learning. Unlike MS words, according to Richard Mabey co-founder and CEO of Juro, Juro has a data model that converts contracts into actionable data. However, their biggest challenge is to drive out lawyers from MS word to Juro. Through custom-built editor, Juro can increase its value since MS word wasn’t designed for legal workflows.
According to Mabey, most of the investments will go into improving machine data science capabilities while other funds will go into hiring web designers, engineers, and data scientists. Mabey adds that it will expand its services to the EU market by increasing its marketing and sales team based in London. Later they will use the funds to expand to the US where they have customers already.
However, Joru has 50000 processed contracts of clients since its founding in 2016. Most of its users are tech-companies that have a deal with large quantities of contracts like Luno (fintechs), Envoy (saas), and Deliverooo (marketplaces) SkyScanner, Reach and Babylon health. In the last few years, E-signature giants startups are invading the contract industry. However, he argues that the E-signature firms don’t deal with browser-based documentation and dynamics. Instead, they deal with pdfs file, which may hinder them from invading the contract industry.
John Buttrick, a partner of Union Square ventures, is merging with Juro’s board as of the Series A. john praises Juros transformative vision in contract management. Lastly, he adds that Union Square Ventures are happy in investing in Juro’s project and making it a reality.