Lexly to get $5M from LRF Konsult et all.
Lexly, a Stockholm, Sweden-based provider of a SAAS for legal services, announced the completion of a business agreement involving a SEK 50M ($5M) capital raise.
The investment deal was made with local investors, including LRF Konsult, one of the largest Swedish law firms, which will retain a 5% equity stake of the company. The agreement also includes a business transition as Lexly's consulting department (which has 30 lawyers) will be part of LRF Konsult. As a result, the company will focus its efforts and use the fresh capital for strengthening its digital capabilities.
Lexly, formerly known as avtal24, was founded in 2004, is led by CEO Magnus Stein and provides legal services to individuals and businesses online as well as via telephone and video. The company works with most of the local banks from Sweden and expects sales of SEK 40M ($4.1M) in 2019.