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Q3 202408.08.2024

Legal & Regtech (Q3 2024)

Picture of Federico Scolari

Federico Scolari

at Sifted

The legaltech scene has been devoid of innovations for decades, but the AI opportunity has drastically expanded serviceable markets. It’s a rich legacy industry, and its ancient roots may make it hard for startups to break into, but it’s equally hard to imagine a future without full-scale automations and efficiency improvements.

It’s also one of the industries that naturally lends itself to AI applications: law firms rely on deep archives of data-rich documents, with paralegals and qualified lawyers sinking long hours on automatable activities — including summarisation and data extraction.

Where will billable hours go? That’s still uncertain, and it’s one of the reasons why legaltech adoption has been slower than other markets. But it’s also an opportunity to expand the client base to tech-first lighter services for SMEs and unlock secondary revenue streams.

All in, it’s one space that we’ll hear a lot more about in the future: the lack of domestic success stories suggests that we’re yet to experience the full potential of tech for Europe’s legal systems.

20 startups to watch

  • RightHub logo

    Sifted score

    7.91
    -

    RightHub

    • Serial founder(s)
    • Hiring

    • Year founded

      2021

    • HQ

      London, United Kingdom (England)

    • Latest round

      Seed
      €1.5m / Mar 2023

    • Total funding

      €13.6m

    View company profile
  • Fides Technology GmbH logo

    Sifted score

    7.83
    -

    Fides Technology GmbH

    • Strong investor(s)
    • Serial founder(s)
    • Hiring

    • Year founded

      2021

    • HQ

      Munich, Germany

    • Latest round

      Seed
      €7m / Oct 2022

    • Total funding

      €7m

    View company profile
  • Leya logo

    Sifted score

    7.35
    -

    Leya

    • Strong investor(s)
    • Hiring

    • Year founded

      2023

    • HQ

      Stockholm, Sweden

    • Latest round

      Series A
      €25m / Jul 2024

    • Total funding

      €36m

    View company profile
  • Truvity logo

    Sifted score

    7.3
    -

    Truvity

    • Serial founder(s)
    • Hiring

    • Year founded

      2023

    • HQ

      Amsterdam, The Netherlands

    • Latest round

      Seed
      €8m / Jun 2023

    • Total funding

      €8m

    View company profile
  • Enzai logo

    Sifted score

    6.62
    -

    Enzai

    • Strong investor(s)
    • Hiring

    • Year founded

      2022

    • HQ

      Belfast, Northern Ireland

    • Latest round

      Seed
      €3.6m / Sep 2023

    • Total funding

      €4.2m

    View company profile

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