UpCounsel, Leading Legal Services Marketplace, Achieves Profitability and Raises $3,300,000 from Retail Investors
Since the campaigns launch, UpCounsel has raised $3.3M from 1,600+ retail investors.
UpCounsel, the leading online marketplace connecting businesses with experienced independent attorneys, is closing its Regulation CF equity crowdfunding campaign on December 9th after one of the most successful raises by a female-led company in Wefunder history. Since the campaign’s launch, UpCounsel has raised $3.3M from 1,600+ retail investors. With only 2 days left in the campaign, UpCounsel is gearing up to take on the fast-growing legal technology market, which is slated to surpass $25B in 2025. UpCounsel CEO KJ Erickson, a 4-time founder and Y Combinator, Stanford and Oxford Alumna, is only the third female CEO to raise over $3M on Wefunder, the United States’ most popular equity retail investor platform.
The outcome of this raise is a stark difference to where UpCounsel was in February of 2020, when the original founders announced that it was shutting down the company despite serving millions of users and enterprise clients like Postmates, Hotel Tonight, and Airbnb. A few of UpCounsel’s biggest fans and customers heard the news and took action. Enduring Ventures acquired the company and installed new leadership, including CEO KJ Erickson and Chief Revenue Officer Paul Drobot, former VP of Sales at Atrium. They transformed the UpCounsel business model, cutting service fees by 75% and launching a suite of attorney subscription products. In its first year under the new leadership, UpCounsel cemented its value proposition, achieved profitability, tripled revenues, and saved users over $12M in legal fees.
Since opening the investment round, UpCounsel has hit impressive milestones on its unprecedented growth trajectory. The company’s revenue run rate is at an all-time high, climbing to $3.7M in Q3, up 42% from Q2. The team developed an efficient sales process that led to a whopping 82% growth in positive net income over Q2. And monthly web traffic grew 30% to 1.8 million users. With an 8.3X LTV/CAC ratio, the company shows no signs of slowing down as it plans to release a new suite of subscription products for startups and attorneys this upcoming year.
With only 2 days left in the Wefunder campaign, the UpCounsel team is inviting all its users and fans to become co-owners and investors in UpCounsel. The UpCounsel Regulation CF Offering is available on Wefunder and is open to both accredited and non-accredited investors, with a minimum required investment of $250. To learn more about UpCounsel and its mission to Bring Legal to the People, as well as how to invest, please visit https://wefunder.com/upcounsel.
About UpCounsel
UpCounsel is an online legal marketplace connecting businesses with experienced independent attorneys. We make hiring world-class attorneys easy, fast, and affordable. Legal You Can Love.
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