Venture capital fund ICF Venture Tech II is taking part in a €2 million investment round for Catalan document automation software firm Bigle Legal. The funding will drive the company’s expansion in the international market and double its workforce to 30 employees as it embarks on this new stage of growth.
The firm’s co-founder and CEO, Alejandro Esteve de Miguel, stresses that the business objective of this investment is “to lead the European legal tech market, which is expanding with more than a billion dollars in venture capital investment this year.” Likewise, Sergio Esteve de Miguel, co-founder of Bigle Legal, points out that “after tripling our growth, this investment is pivotal to gaining market share.”
Adara Ventures and ICF Venture Tech have spearheaded this investment round in which Telegraph Hill Capital and Cuatrecasas Ventures, which both invested in a first round in 2018, have also been involved. Emili Gómez, ICF Venture Tech’s investment director, says “the transaction has enormous potential as the company has everything it needs to compete successfully in the market in which it operates.” This view is shared by Alberto Gómez, managing partner of Adara Ventures, who argues that “Bigle Legal is at the forefront of the industry.”
Set up in 2017 by brothers Alejandro Esteve de Miguel and Sergio Esteve de Miguel, the firm provides cloud-based software powered by artificial intelligence which automates a company’s legal operations. This includes automated document creation and real-time review and validation, virtual collaboration with the team, remote contract negotiation and management, e-signature and cloud storage.
The Barcelona-based company, which has an office in Lima and recently opened another in London, is a pioneer and leader in document automation in Spain. Its clients include property companies, corporations and large law firms.
Alongside this round, the company has also announced that Laura Urquizu, CEO of Red Points, has come on board as an adviser to its Board of Directors.
About ICF Venture Tech II
ICF Venture Tech II FCRE is a €20 million venture capital fund managed by ICF Capital which is addressed to tech and/or innovation enterprises with high growth and appreciation potential in early stage and series A rounds. Investments are primarily in equity and debt instruments, preferably through co-investment. The amounts per transaction range between €500,000 and €2 million.
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