The Mexico City-based legal tech company, ConfiAbogado, has secured USD $1.65 million in seed funding, aiming to expand its reach and enhance the accessibility of legal services across Latin America.
The seed round was led by Tuesday Capital and included a group of investors encompassing DTB Capital, Seedstars International Ventures, 500 Global, Invariants, Goodwater, GAIN Capital, and Side Door Ventures.
ConfiAbogado was founded in 2020 by brothers Emiliano and Julián Ruiz. Emiliano, the company’s CEO, previously worked in a traditional law firm, while Julián has worked as an analyst and process coordinator.
The idea for ConfiAbogado emerged when Emiliano noticed that the high costs of legal services limited their access to only large corporations and high-net-worth individuals. This reality affects much Latin America, where only one in every 11 individuals seeks legal advice due to its high cost.
ConfiAbogado has set out to change this scenario by offering high-volume legal solutions at reduced costs and has focused on providing value to people with legal needs through the combination of technology and law.
ConfiAbogado’s customers can input information about their cases into the company’s system, which uses its patented technology to draft the best strategy and generate the necessary legal documents, all within about 20 minutes.
Since its launch two years ago, ConfiAbogado has experienced considerable growth, attracting over 250 new customers each month and multiplying its revenues by 10 in the last year. With this new funding, the company plans to expand into new verticals and cities, aiming to triple its geographic presence.
Technological trends in the legal sector. (Source: StartUs Insight)
Technological trends in the legal sector. (Source: StartUs Insight)
" data-medium-file="https://i0.wp.com/contxto.com/wp-content/uploads/2023/08/Legal-Technology-trends-InnovationMap-StartUs-Insights-noresize.png?fit=300%2C225&ssl=1" data-large-file="https://i0.wp.com/contxto.com/wp-content/uploads/2023/08/Legal-Technology-trends-InnovationMap-StartUs-Insights-noresize.png?fit=1024%2C768&ssl=1" decoding="async" >This funding illustrates the growing importance of tech startups in Latin America and the potential for digital transformation in the legal sector. According to the “The Lawyer of the Future” study by Wolters Kluwer, the legal sector organizations that make the most use of technology thrive, and those identifying as technology leaders, increased from 39% in 2020 to 54% in 2022. This data suggests that investing in suitable technology and using it can be an effective strategy for LatAm startups and a boon for investors seeking to impact with a broader reach into innovative technologies and the creation of new markets.
