LawBite, the plain English online legal service for SMEs, has raised more than £100,000 from investors in less than a month.
In its second round of crowdfunding on the Crowdcube platform, LawBite has secured 90% of its ambitious target of £120,000 in under 30 days. A month now remains before the investment deadline closes.
Last May investors pumped £240,000 into LawBite in just ten days, in one of the fastest funding rounds in Crowdcube history. In total LawBite raised £450k in cash and in kind in that funding round.
Since then the business has seen a surge in international interest in its “Simple law for small companies” service, and has agreed partnership agreements with a string of affiliates in the UK. Having notched up 2000 signups in just three months of advertising trials, the firm has now trebled its profit target for the third year.
With its horizons broadening and its ambitions raised, the firm is appealing to investors once again to fund these new opportunities.
Clive Rich, founder and chairman of LawBite, comments:
“Once again, we are thrilled with the public interest and confidence in LawBite. It further strengthens our belief that our business model is crucial to ensuring modern small businesses thrive. We hope that this new investment will bolster our offering of a low-cost and easy to understand legal service, not only to the five million small businesses in the UK, but also across the globe.
“We’re well on course to reach our £120,000 target, and will use the extra money to capitalise on building more lucrative partnerships and opportunities and, ultimately, to attract others to join us in our mission to democratise the law.”