, a marketplace for legal services, has raised a $12 million Series B round according to a new with the U.S. Securities and Exchange Commission.
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UpCounsel previously raised a total of $14 million since its inception in 2012. This latest round brings its aggregate funding to $26 million. Most recently, the San Francisco-based startup raised a $10 million Series A round that closed in July 2015. , , , and聽participated in the round.
It is not clear from the SEC filing who participated in UpCounsel’s latest round, although the filing indicates there were 12 investors who were a part of its Series B. At the time of writing, UpCounsel had not responded to 附近上门 News鈥檚 request for comment.
Small and large enterprises use UpCounsel to supplement or replace large law firms or traditional service providers. The UpCounsel community is made up of part-time, solo, and boutique attorneys who hail from global law firms and graduated from top law schools. Customers include , , and investor .
, founder of legal web strategy consultancy AttorneySync, believes that UpCounsel makes a lot of sense from the perspective of business legal services consumers.
鈥淭hey take a lot of the pain out of the lawyer search process,鈥 Tsakalakis told 附近上门 News.
However, Tsakalakis is skeptical of the startup upon completion of a project.
鈥淚’ve always thought that these sites face something of an identity crisis, namely, is their primary function to serve legal services consumers (i.e., their users) or their lawyers?鈥 he said. 鈥淣eedless to say, these interests aren’t always aligned鈥. If consumers lose trust in the integrity of a platform, they’re more likely to fall back on traditional notions of getting referrals from people they know, like, and trust鈥攚hich they should still be doing anyway.鈥
It is that , another online legal marketplace, had, according to Tsakalakis.
鈥淩ating lawyers is really hard. It’s not like rating a restaurant,鈥 he said. 鈥淚 have yet to see a lawyer rating site that does a good job of matching based on qualitative data.鈥
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