The online legal services provider Rocket Lawyer has raised $223 million in growth capital financing to help it meet what it says has been a strong and accelerating demand for its digital legal documents and advice.
The financing was led by Vista Credit Partners a strategic credit investor and financing partner focused on the enterprise software, data, and technology markets.
Founded in 2008, Rocket Lawyer provides businesses and individuals with legal documents, attorney advice, online incorporations, and other services, at a lower price than traditional legal service.
It was founded by Charley Moore, a former lawyer with the Venture Law Group in Menlo Park, Calif., and earlier a U.S. Naval officer in the Gulf War, who had the goal of providing small businesses and individuals with an alternative to the high cost of obtaining legal help.
“Vista Credit Partners shares our commitment to bring justice within reach of everyone with a connected device,” Moore said in a statement. “For most people and organizations, ‘justice’ means being able to create written contracts, negotiated and executed in a fair and transparent process. ‘Justice’ means being empowered to stand up for oneself with knowledgeable, reliable and efficient counsel. ‘Justice’ means being able to successfully navigate the complex landscape of government regulations via simple interfaces.”
The pandemic has accelerated demand for Rocket Lawyer’s cloud-based legal products, Moore said, as businesses and individuals sought ways to address their legal issues without the need for physical presence.
“The world isn’t going to go backward once the pandemic ends, and we are fortunate to have built the Rocket Legal Cloud platform to serve the new normal of always on, 100% digital demand,” Moore said.
Rocket Lawyer operates in North America, the United Kingdom and the European Union. It has provided legal help to over 25 million businesses and individuals, it says.
Last September, it became the first national company approved to participate in Utah’s regulatory sandbox, a pilot program for licensing new and alternative forms of legal providers and services.