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Legal Utopia

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A powerful AI app with the aim of connecting legal consumers with a vast network of legal services.

107%
 - 
Funded 23 Feb 2022
£200,000 target
£216,211 from 255 investors
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Business overview

Location London, United Kingdom
Social media
Website www.legalutopia.co.uk
Sectors SaaS/PaaS Digital Mixed B2B/B2C
Company number 10909418
Incorporation date 10 Aug 2017
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Investment summary

Type Equity
Valuation (pre-money) £2.7M
Equity offered 7.45%
Share price £1.07
Tax relief

EIS

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Business highlights

  • Selected as LawTechUK Sandbox Pilot Pioneer
  • UK patent pending for AI-Method Technology
  • £52,000 Sales Q3 2021, £33,000 Sales already in Q4 2021*
  • Internationalising as UK-Government UAE Trade Mission Delegate
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Key features

  • Secondary Market
  • Nominee investment min. £10.70 +
  • Idea
  • Key Information
  • Team
  • Updates
  • Investors 255
  • Discussion
  • Documents

Idea

Introduction

We're a growing platform, powered by machine learning, pioneering convenience, accessibility, and affordability for legal consumers.

1. Artificial Intelligence: We provide an app through major app stores that benefits legal consumers by bringing legal services closer to them. We were one of the first start-ups in a UK-government sponsored sandbox, have received EU and other funding, and have worked with global firms.

2. Needs-Focused: Demand is core to our work. A recent report found that there is an £11.4bn per year market opportunity for LawTech and innovation to address the unmet legal needs of SMEs and others. We build solutions that people want and will pay for, and this drives our model.

3. Growth: We've identified a space for new services, such as legal finance and claims purchasing. We want to expand and have prepared a product strategy, together with a marketing strategy. We also have a strategy for partnerships too that will enable us to grow internationally.

Substantial Accomplishments to Date

Over the past 4 years, we've looked at 100,000+ cases to launch a machine learning app that can address unmet legal needs. We were one of the first companies to be included in a UK-government backed sandbox, have been provided with EU and UK Government funds, and have been supported by some of the largest law firms in the world. Our vision is 'a world where people everywhere feel empowered by technology to enforce their legal rights'.

We have a patent-pending AI app that can be downloaded from Apple and Google. It enables people to understand the area of law by typing in free text and then signposts them to relevant services. They can find a regulated legal service provider, and can access 1,000s of questions and answers, +5,000 legal documents, +6,000 resources and more than 10,000 pages of content.

Premium services can be paid for, such as 'Book A Lawyer', where consumers can access legal service providers' calendars and hold video conferences. We offer other subscription services too.

Monetisation Strategy

This includes launching a 'group claims' service. This will allow group users to 'Join a Claim' and submit their information for Legal Utopia to process and pass on to a legal service provider. It will also include 'Sell my Claim', which will provide Legal Utopia with the power of attorney to deal with claims and with the right to benefit in exchange for a cash payment.

We also plan to launch a 'Bundles Service' to provide specific bundles of documents, along with paralegal support, to enable high-volume, low-value legal tasks to be completed.

We are in the process of establishing a wholly-owned subsidiary of Legal Utopia to provide authorised legal advice from employed and consultant solicitors to subscription clients. It will focus on providing "out-of-hours" and remote advice.

We are undertaking significant data landscaping and developmental work to support the expansion of our existing 'Find-A-Lawyer' service to introduce new services next years.

Use of Proceeds

Our 3-year product strategy is also accompanied by a new partnership strategy, under which we will work with 3 new categories of partner – ‘Product Partners’, ‘Service Partners’ and ‘Strategic Partners’, in expanding our income, together with a new marketing strategy that identifies 11 marketing channels that we’re actively targeting. We have, for example, recently embarked on a new nationwide television campaign with Sky Media.

We aim to grow in the UK legal space, whilst prospecting international opportunities. This crowdfunding will be used to scale the business, including developing new products and services so we can reach even more customers. We want to explore expanding into overseas markets. For example, we are already part of the first UK government backed legal services trade mission to the UAE. Our app can be used to export legal services abroad targeting a $1trillion global marketplace.

Key Information

Outstanding debt

The company has the following outstanding loans:

1. £24,549.09 Bounce Back loan from Starling Bank Ltd at an interest rate of 2.5% per annum. The loan is repayable over 3 years.

2. £33,319 loan from a director at an interest rate of 0% per annum. The loan is to be repaid when the business allows.

The funds raised from this investment round will not be used to repay these loans.

*Based on unaudited management accounts.

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Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

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Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future.

This campaign for Legal Utopia has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 2 December 2021 as a financial promotion. Republic Europe is authorised and regulated by the Financial Conduct Authority with firm reference number 550317. In approving this campaign, Republic Europe has concluded that the information, taken as a whole, is "fair, clear and not misleading." This means that for factual statements we have reviewed evidence of their accuracy, and that for aspirational statements we believe they are phrased appropriately in light of their speculative nature. You should note that in the case of factual statements, the evidence we review is provided by the business, and we do not audit it, which means that we may not be able to identify forged or altered evidence. You should further note that in the case of aspirational statements, the nature of the type of businesses presented on the Republic Europe platform is such that they are likely to have high ambitions, and we may approve statements that convey those ambitions even where we do not believe, or we do not have a view on whether it is likely, that they will be fully realised. The pre-money valuation and investment sought in the campaign are those set by the business: they are not reviewed or established by us, and the valuation is not an independent view of what the business is worth. Given the nature and type of businesses presented on the Republic Europe platform, it is possible that the business has very little cash remaining prior to receiving this investment, and the investment sought may be necessary for the business's on-going existence.

Republic Europe does not make investment recommendations to you. No communications from Republic Europe, through this website or any other medium, should be construed as an investment recommendation. Further, nothing on this website shall be considered an offer to sell, or a solicitation of an offer to buy, any security to any person in any jurisdiction to whom or in which such offer, solicitation or sale is unlawful. Republic Europe does not provide legal, financial or tax advice of any kind. If you have any questions with respect to legal, financial or tax matters relevant to your interactions with Republic Europe, you should consult a professional adviser.

Tax Relief (SEIS)

This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Tax Relief (EIS)

This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Valuation (pre-money)

Valuation rounded from £2,675,000

This is the fully-diluted pre-money valuation of the business (i.e. before the new investment comes in and including issued options and other equity interests). In contrast, the post-money valuation is based on inclusion of the new investment in the value.

It is calculated as the pre-money valuation plus the amount of new investment. e.g. If Company A is ascribed a pre-money valuation of £1,200,000 by prospective investors investing £300,000, its post-money valuation is £1,500,000.

The investee business is responsible for setting its own valuation, it has not been prescribed by Seedrs.

Pitch type

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Equity Offered

The equity offered is the percentage of the company’s shares being issued in return for the amount of investment raised.

When the amount raised is less than 100%, the equity offered is based on the target raise. Once the company has raised over 100% it is based on the total raised.

In some scenarios, entrepreneurs may accept additional direct investment after closing their Seedrs campaign. Provided this is within 6 months of the closing and on the same terms, we do not typically offer pre-emption rights on that extra investment (where you have the opportunity to invest again to maintain your percentage shareholding).

Learn more about investing and pre-emption rights.

Nominee investment

This shows if you are able to choose, when making an investment, that you be represented by, and your shareholding be managed by, the Nominee investment.

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Custodian

If you invest in this Campaign, Seedrs will act as Custodian rather than provide our standard nominee service. This is due to the fact that the business is not directly involved in the share sale and Seedrs will not benefit from any rights under a shareholder agreement. As a result, Seedrs will handle administrative tasks as we do normally, but you will not have information or voting rights, updates from the business, preemption on future fundraising, or ongoing support about business trading activity.

Learn more about Custodian here

Secondary market

This shows if the business has opted-in or opted-out of allowing its shares to be bought and sold on the secondary market.

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Direct investment

This is an option to invest and hold shares 'directly' in the company (rather than via the Nominee investment). This option is only available to those investing over the threshold amount, which is determined by the fundraising company.

If you choose to hold your shares directly, you will be responsible for any contractual or administrative arrangements with the company you are investing in.

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Payment options

We are not able to accept card payments for investments into this sector. You can pay for your investment by creating a bank transfer, using funds in your investment account or create a Pay by Bank payment. Your investment will only be completed once the funds have reached our account.

Business Involvement

This Campaign offers shares for sale in business that is not directly involved in this Campaign or the sale. As a result, the Campaign and post-investment experience, including investor rights, will differ from a business-led campaign on Seedrs. Most notably, the business will not engage with investors in the discussion forums both during and after the sale or provide any updates to investors.

Learn more here

Payment options

We are not able to accept Pay by Bank payments for investments into this sector. You can pay for your investment with a card payment, by creating a bank transfer or by using funds in your investment account. Your investment will only be completed once the funds have reached our account.

Drawdowns

This campaign offers the ability to pay for an investment by drawdowns.

Security Token

A security token is a digital asset that represents ownership or other rights. It is a digital form of traditional investments. In the future, you may be able to trade your investment through compatible exchanges.

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