Investment in UK’s legaltech sector doubled last year

Investment into UK legal technology startups reached £61m in 2018, more than doubling the £22m invested in the previous 12 months, shows Legaltech Startup Report 2019, a report by Thomson Reuters and Legal Geek.

 

The report shows that investment in UK legaltech startups has risen dramatically over the last five years – less than £1.5m was invested in 2014.

 

Legaltech startups have received at least £62m so far this year, through the first nine months of 2019, surpassing the 2018 total.

 

The UK is the hub of European legal technology, with UK legaltech startups making up 44% of all legaltech startups in the EU. This is far higher than the UK’s share of the European legal services market (23%). Thomson Reuters and Legal Geek research tracks and analyses investment into 34 of the UK’s fastest-growing startups in the legal technology industry where reliable investment data is available. These businesses have received more than £175m over the last five years with 70%, or £122.5 million, invested since the beginning of 2018.

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