UpCounsel, Market Leader in Legal Services, Achieves Profitability and Raises $ 3,300,000 from Retail Investors | Business and finance
SAN FRANCISCO – (BUSINESS WIRE) – Dec. 7 2021–
UpCounsel, the leading online marketplace connecting businesses with experienced independent lawyers, closes its CF regulatory capital crowdfunding campaign on December 9 after one of the most successful capital increases for a company led by a woman in Wefunder the story. Since the launch of the campaign, UpCounsel has raised $ 3.3 million from more than 1,600 individual investors. With just 2 days left in the campaign, UpCounsel is gearing up to capture the growing legal technology market, which is expected to surpass $ 25 billion in 2025. UpCounsel CEO KJ Erickson, 4-time founder and Y Combinator , Stanford and Oxford Alumna is only the third female CEO to raise more than $ 3 million on Wefunder, the most popular private equity investor platform in the United States.
The result of this increase is a stark difference from UpCounsel in February 2020, when the original founders announced they were shutting down the business despite millions of users and corporate customers like Postmates, Hotel Tonight and Airbnb. . Some of UpCounsel’s biggest fans and customers have heard the news and are taking action. Enduring Ventures acquired the company and installed new executives including CEO KJ Erickson and Revenue Director Paul Drobot, former VP of Sales at Atrium. They transformed UpCounsel’s business model, reducing service fees by 75% and launching a suite of lawyer subscription products. In its first year under the new leadership, UpCounsel consolidated its value proposition, achieved profitability, tripled revenues, and saved users over $ 12 million in legal fees.
Since the opening of the investment cycle, UpCounsel has taken impressive steps on its unprecedented growth trajectory. The company’s revenue execution rate is at an all-time high, reaching $ 3.7 million in the third quarter, up 42% from the second quarter. The team developed an efficient sales process which led to a whopping 82% positive net profit growth in the second quarter. And monthly web traffic increased 30% to 1.8 million users. With an LTV / CAC ratio of 8.3X, the company shows no signs of slowing down as it plans to launch a new suite of subscription products for startups and lawyers this coming year.
Only 2 days away from the Wefunder campaign, the UpCounsel team invites all its users and fans to become co-owners and investors of UpCounsel. The UpCounsel Regulation CF Offer is available on Wefunder and is open to accredited and non-accredited investors, with a minimum investment required of $ 250. To learn more about UpCounsel and its mission to bring the law to the people, as well as how to invest, please visit https://wefunder.com/upcounsel.
UpCounsel is an online legal marketplace connecting companies with experienced independent lawyers. We make hiring world-class lawyers easy, fast and affordable. Legal you may like.
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PUB: 07/12/2021 10:10 a.m. / DISC: 07/12/2021 10:12 a.m.
Copyright Business Wire 2021.