London tech firms have started the week well with contract automation platform Juro and AI-powered logistics platform 7bridges getting funding.
Juro has raised $23 million (£16.8 million) in a Series B round, led by Eight Roads.
7bridges has secured $17 million (£12.4 million) in a Series A funding round, also led by Eight Roads, with investment from Maersk Growth, the venture arm of the logistics company.
Juro Has a Word
Juro was founded in 2016 by Richard Mabey, an ex-Freshfields lawyer, and Pavel Kovalevich, a software engineer and entrepreneur.
Its contract automation platform is designed for legal counsel and the teams they enable to agree and manage contracts in one workspace.
Mabey explains: “Our big bet was that contracts would follow other key business touchpoints and move natively to the browser. Some were sceptical that we would ever see the end of Word, but last year our customers agreed 250,000 contracts this way, in the Juro platform, without ever needing to switch between email and Word.”
Juro is backed by Union Square Ventures, Point Nine Capital, Seedcamp and the founders of Wise, Gumtree and Indeed. Juro powers contracts in more than 65 countries, with a customer base that includes Trustpilot, Deliveroo, Secret Escapes and Cazoo.
Juro says that in this latest round of funding, Eight Roads, a Fidelity-backed investment firm, has a portfolio that includes Alibaba, Cazoo, Spendesk and Made.com.
Alston Zecha, Partner at Eight Roads, has joined Juro’s board as part of their investment.
Zecha comments: “Until Juro, there hasn’t been an all-in-one platform which automates contracts and provides frictionless integrations with clients’ workflows.”
Juro plans more than 80 new hires for 2022, including executive leadership. It has 15 roles on its careers page right now.
7bridges Seeks Smooth Sailing
7bridges will use the latest funding to target the supply chain sector. The firm says for the next 12-18 months it will focus on increasing the reach of its proprietary AI-powered logistics platform. In practice that means recruitment and investment in technology and data.
The company cites a study by McKinsey & Company, which found that 85% of supply chain executives pointed towards inefficiencies in their digital technologies as a cause for concern.
7bridges reckons it can help and offers AI-powered decisions across channels, product categories, geographies and service providers to speed up this supply chain process.
Davor Hebel, Managing Partner and Head of Eight Roads in Europe, states: “Almost every shipper is facing significant supply chain challenges from rising costs and a changing regulatory environment, and lack the tools and know-how to navigate them. 7bridges is creating a new category of value optimisation software for logistics which has historically only been a service available to the largest shippers from consultants.”
7bridges was founded in 2016 by Philip Ashton (CEO) and Matei Beremski (CPO). Their experience includes Oliver Wyman, IBM and BNP Paribas.