Draper Esprit leads $10m series-A for Apperio

Existing investors Notion and IQ Capital also took part in the round alongside several angel investors.

The company plans to use the fresh capital to bolster its growth and international expansion, and to extend its customer base. In addition, Apperio will move into a new office in Holborn, London.

As part of the investment, Richard Marsh from Draper Esprit will join the board to support the company in its next phase of growth.

Draper Esprit is currently investing from its £176m venture capital fund, which held a final close in May 2018. The vehicle invests in European tech companies operating in the blockchain, artificial intelligence, digital health and fintech industries.

Previous funding
After raising an initial seed round from tech accelerator Seedcamp in September 2013, Apperio received £1.7m in a funding round led by Notion in March 2016. NextLaw Labs and IQ Capital also took part in the investment.

Company
Founded in 2013 and headquartered in London, Apperio provides cloud-based analytics that enable in-house legal departments to monitor their legal fees and optimise their spend. Apperio's software also allows law firms to track billed and unbilled hours, manage budgets, run analytics and monitor performance. The company's client base includes several FTSE 100 and private companies such as Just Eat and Network Rail. It employs 20 staff.

People
Draper Esprit – Richard Marsh (partner).
Notion – Ian Milbourn (partner).
IQ Capital – Kerry Baldwin (partner).
Apperio – Nicholas d’Adhemar (founder, CEO).

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• Expansion
• UK / Ireland
• Technology
• Draper Esprit
• Notion Capital
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• Venture