Nearly a year ago on my LawNext podcast, I interviewed Zach Posner, who cofounded The Legaltech Fund in 2020 as the first venture capital firm laser-focused on law and legal technology. At that point, the fund was still in the process of raising money from partners to invest, even as it had already begun investing in legal tech startups.
Now comes news that the fund has closed at $28.5 million, which exceeds its goal of $25 million. Among those who invested were Kapor Center Investments, major law firms such as McDermott Will & Emery (McDermott) and Orrick, and well-known technology companies such as DocuSign and Carta.
McDermott’s investment in the fund was $10 million.
Typically making investments of $250,000 to $1 million, The Legaltech Fund says it has invested in 30 companies to date. Its approach is to be an active investor, it says, helping entrepreneurs reach their full potential by bolstering business development and customer connections and establishing a favorable community to support their growth.
“Our early success stories have shown us that legal tech has tailwinds that accelerate even in poor economic times, and during a global pandemic,” Posner said in a statement released by the fund today. “We are excited about our investors and the companies we are supporting, realizing our vision of creating a vibrant community of legal tech growth and innovation.”
See the full portfolio here.