Reynen Court raises $4.3 million to fuel continued growth

Global News

09
Mar
2022

Editor

Reynen Court, Inc., the legal technology platform now supported by more than fifty of the largest law firms and corporate legal departments, today announced the closing of $4.3 million of additional financing from three new investors and existing shareholders. 

The new investors include venture capital funds Bryce Catalyst and Forefront Venture Partners.  Existing investors participating in the new round include global, early-stage VC Ventech and international law firms Clifford Chance and Latham & Watkins.

Reynen Court provides a platform -- akin to an app store -- where firms and law departments can research, test, securely adopt and manage cloud-based software applications on infrastructure of their choice.  Since its inception, a consortium of twenty of the largest global law firms has actively supported the company's development. More recently, a second consortium of twenty-two of the most important banks and global corporations came together to collaborate with Reynen Court and its law firm consortium.  More than one-hundred and fifty third-party application vendors are participating on the Reynen Court platform or working towards participation pursuant to signed agreements.

"The legal industry is facing an onslaught of new software applications and most of these have been designed and built to leverage cloud-computing," commented Cary Burch, the President and CEO of Bryce Catalyst and former SVP and Chief Innovation Officer at Thomson Reuters. "Due to security and data protection policies, however, it is extremely costly and time consuming for large legal organizations to vet and secure permission to use new SaaS solutions.  By making it easy for law firms and law departments to adopt and run third-party software applications in private cloud infrastructure under their own control, we believe Reynen Court is strongly positioned to play a central role in the transformation of the legal industry that is well underway."

"We are impressed with Reynen Court's strong traction and unprecedented support from so many of the largest law firms and corporate legal departments," added Phil Nadel, managing director of Forefront Venture Partners, a recent investor in several legal technology companies.  "The company's proprietary and highly differentiated platform solves critical problems for both buyers and sellers of AI, smart contracts and other new cloud-based software applications.  The team has deep legal sector and technology expertise.  Co-investors are high caliber and very active."

“We are excited to welcome our new shareholders and thrilled to see our initial investors reaffirm their commitment to our ambitious vision," said Reynen Court founder and CEO Andrew D. Klein.  “Reducing the time and cost involved in sourcing, testing and safely deploying new cloud-based solutions is clearly an important objective for large legal organizations. We look forward to working with this extraordinary group to help accelerate business transformation for both the buyers and sellers of legal technology.”