London legaltech startup Apperio scores $10m from Draper Esprit

London-based legaltech startup Apperio has secured a $10m (£7.5m) series A funding round led by Revolut-backer Draper Esprit.

The round was supported by existing investors Notion Capital, IQ Capital and various individuals.

Apperio’s tech provides in-house legal teams with a platform to view their end-to-end legal spend, including factors such as billed hours and legal budgets. It's scored a number of high-profile clients to date, including FTSE 100 and private firms such as Just Eat and Network Rail.

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Founded in 2013, the startup said it has grown exponentially in the last 12 months, with annual revenues up 300 per cent.

The funding will be used to grow the company abroad, as well as fund a new office in London’s legal centre of Holborn.

Draper Esprit’s Richard Marsh said Apperio has shown “strong market momentum” as he prepares to join the startup’s board as part of the deal.

Ian Milbourn, a partner at Notion, described the UK’s legal sector as “ripe for disruption” by London’s startup scene.