Parachute raises $1.8m to close the legal tech gap for SME law firms
Legal AI startup Parachute wants to capture the market of small- to medium-sized law firms, which it says have been overlooked by global legal technology providers
Harvey and Legora have captured the global enterprise legal AI market. But, according to Parachute co-founder Ryan Zahrai, they’re ignoring 80% of Australian law firms.
Before founding Parachute, Zahrai was running his own legal practice, Zed Law, where he realised two things: one, he didn’t want to pay “stupid amounts to Harvey”, and two, they wouldn’t give him the attention he wanted as he wasn’t their primary ideal customer. So he launched his own legal AI platform.
“There’s a huge gap in the market for law firms like mine,” Zahrai told Capital Brief.
Parachute has raised $1.8 million at an $8.5 million valuation in a pre-seed round led by Rampersand’s Andrew Poesaste to build an AI-powered legal operating system for small- and medium-sized law firms.
