Henchman, a startup in Belgium, has just received a new €6.5 million financing for growth. The LegalTech team is bringing attorneys the benefits of AI and bringing the legal profession into the digital age.
Paperwork and manual procedures are typical in the legal industry. It is well-known for needing a lot of back-and-forths, and document signing, and is frequently perceived as being quite rigid.
Henchman is trying to alter that by bringing the legal system into the digital age. The company, which we recently identified as a Belgian startup to watch in 2018, has now obtained fresh funding to expand.
German Acton Capital and Adjacent VC, along with Conviction VC, headed the €6.5 million Series A round of funding.
Business investors took part in a round as well, including the founders of Belgian success stories Showpad and Collibra.
Henchman was created by Jorn Vanysacker, Gilles Mattelin, and Wouter Van Respaille to address a challenge encountered by legal professionals everywhere by providing them with access to previously published clauses and definitions.
Nico Wittenborn, an investor at Adjacent VC, says: “After a few reference conversations, it was evident that the strength of Henchman lies in how seamlessly the product integrates into the workflow of legal professionals. It is uncommon for a SaaS business to attract clients from abroad this early in development, but the team’s obsession with the customer has already sped up adoption in the US and Europe. As we advance to the next stage, I am eager to work with you!
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The platform, which was introduced in 2021, provides a contract-drafting tool that intelligently grants access to previously created clauses and definitions by law teams. This offers lawyers additional value and expertise, and it also opens the door for them to use their knowledge to bolster contracts with fresh ideas, translations, and adaptations. Like ChatGPT crossed with legal tech.
“We already began implementing the technology in Henchman when everyone was still talking about ChatGPT,” says Gilles Mattelin.
The LegalTech startup has 100 clients in 15 nations and has experienced rapid growth in the last year. The group sees a 750% increase in revenue. The business will continue platform development and market expansion with the help of this new financing.
“Today we have an all-star squad, the motivation, and the entourage to keep our technological lead in resolving global problems,” says Jorn Vanysacker.
Private investor Louis Jonckheere: “With AI, the legal industry is approaching a new era. I have high hopes for Henchman’s capacity to play a pivotal part in this transformation. They have the personnel, the know-how, and the market share to take the top spot in the world.
“More than a year ago, we saw how Henchman combined a clear product-market fit with a very strong and high-energy founding team, which resulted in many happy new customers,” continues Koen Christiaens, managing partner at Pitchdrive and the person who led Henchman’s earlier seed round. Henchman is prepared to rule the world today, and AI contract drafting is gaining speed.