Legal Lens and BriefCo, both based in South Africa, have received funding from local venture capital company Imvelo Ventures in a cash-for-future-equity deal to help them grow.
Legal Lens and BriefCo were initially two independent startups founded and owned by Catherine Paulse, Yusha Davidson, and two silent co-founders, but have now been merged as part of Cycad Group, a new company in which Imvelo Ventures has invested.
Legal Lens is a legal spend management company leveraging natural language processing and machine learning to regulate legal expenditure and mitigate excessive legal fees, while BriefCo is a legal cost consultancy that leverages technology.
As part of Cycad Group, and with the undisclosed amount of funding from Imvelo, a VC firm founded by Capitec Bank and Empowerment Capital Investment Partners, the two platforms now plan to scale operations.
“We’re looking for South African businesses developing unique tech solutions for South African problems. With a combination of long-term patient growth capital, mentorship and access to market, we aim to assist their growth locally with our corporate partners and later beyond Africa, internationally. A combination of commercial potential and social impact is a critical element we look for,” said Anton Baumann, executive director at Empowerment Capital and Imvelo Ventures.