Last May investors pumped £240,000 into LawBite in just ten days, in one of the fastest funding rounds in Crowdcube history. In total LawBite raised £450k in cash and in kind in that funding round.
Since then the business has seen a surge in international interest and has agreed partnership agreements with a string of affiliates in the UK. Having notched up 2,000 signups in just three months of advertising trials, the firm has now trebled its profit target for the third year.
With its horizons broadening and its ambitions raised, LawBite is now seeking to raise a further £120k from Crowdcube investors to fund these new opportunities.
Clive Rich, founder and chairman of LawBite, comments: “The demand for what LawBite does – offering a low-cost and easy to understand legal service to the five million small businesses in the UK – has generated a staggering amount of interest not just in this country, but from all corners of the globe.
“Initially our proposition of “Simple Law for Small Companies” was UK-focused, but the international potential of the brand is clear. The UK is known for its high legal standards, and as a British law firm offering an affordable legal service to small businesses everywhere, our model is highly adaptable locally and therefore exportable.
“Since we started trading we’ve doubled our revenue each and every month and formed a string of lucrative partnerships, and are keen to capitalise on these opportunities as soon as possible. We’re giving a chance to more investors to join us – and the 160 people who’ve backed us already – on our mission to democratise the law.”