Formally Raises $2.3M in Pre-Seed Funding Led by Bessemer Venture Partners to Revolutionize Access to Justice

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The global legal services industry is worth an estimated $849 billion and expected to hit $1.2 trillion by 2028.

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Monday, May 16, 2022
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Professional Services, Legal, Human Resources, Dorm Room Fund, Lawyer, Pinterest, Partner, DocuSign, Initial public offering, Visa, Bessemer Venture Partners, DISCO, Â, Legal formalism, Torture Memos, Industry, Frustration, Technology, Foundation, Fiverr, PagerDuty, Kiwi Camara, LinkedIn, Yelp, Chief executive officer, Growth, CEO, Cryptocurrency, Risk management, Twilio, Shopify
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UNITED STATES, NORTH AMERICA, CALIFORNIA, BEIJING, BOSTON, UKRAINE, SAN FRANCISCO, NEW YORK, LONDON, BESSEMER
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FORMALLY, BESSEMER VENTURE PARTNERS
Summary
Key Points: 
  • The global legal services industry is worth an estimated $849 billion and expected to hit $1.2 trillion by 2028.
  • We are thrilled to partner with Bessemer Venture Partners and other funds that reflect Formallys commitment to excellence and diversity.
  • Formally is a legal collaboration company seeking to use intelligent technology and accessible design to simplify legal processes and increase access to justice.
  • Bessemer Venture Partners helps entrepreneurs lay strong foundations to build and forge long standing companies.


Formally, a legal collaboration platform that allows users to easily hire and work with attorneys, today announced that it has raised a $2.3 million pre-seed round of funding led by Bessemer Venture Partners with participation from BBG Ventures, Unshackled Ventures, Ulu Ventures, Graph Ventures, Dorm Room Fund, and prominent angels including Kiwi Camara, CEO at legal tech giant DISCO.

Formally started as a hackathon project to help people apply for asylum in the U.S. Formally’s founder, Amélie Vavrovsky, has personally experienced just how convoluted the U.S. immigration process can be. From finding credible immigration attorneys to navigating outdated software and complex forms, the whole process is painstakingly slow and filled with frustration. Whether applying for an employment visa, looking to file a personal protective order, or reviewing a simple contract, any interaction with the legal ecosystem can feel impossibly difficult, draining, and expensive.

The global legal services industry is worth an estimated $849 billion and expected to hit $1.2 trillion by 2028. For an industry that is rapidly growing, there is little innovation and still no easy way to find, hire, and work with a lawyer, creating often insurmountable barriers for people seeking legal help.

Formally has set out to change this. In the coming months, Formally will continue to onboard users onto their private beta for their immigration suite and iterate on the best user experiences possible. The investment will allow Formally to expand their team, scale their impact within immigration, and begin to expand into new areas such as legal compliance.

The company is working closely with lawyers to perfect their workflows and eliminate redundant and repetitive work. “Lawyers went to law school to learn how to apply legal judgment to the issues in front of them – not to get bogged down in lengthy and time consuming processes that could be automated through technology,” said Kiwi Camara, CEO of legal tech company DISCO. “Formally understands how to help lawyers focus on critical tasks and is applying technology in exciting ways that will help to transform the practice of law.”

“As a digital rights policymaker and immigrant myself, it’s heartbreaking to see policies fail because they aren’t reaching the people that need them most,” said Amélie Vavrovsky, Formally’s founder and CEO. “Our work in asylum and immigration helped us understand how to create effective tools that make even the most daunting legal processes accessible. Witnessing yet another refugee crisis in Ukraine reinforces our belief that creating compassionate immigration experiences for everyone is more important than ever. We are thrilled to partner with Bessemer Venture Partners and other funds that reflect Formally’s commitment to excellence and diversity.”

“We’re pleased to partner with Formally, a mission-driven company that was born from Amélie’s firsthand experience navigating the complexities of the U.S. immigration system,” said Bob Goodman, partner at Bessemer Venture Partners. “The Formally team has already made an immense impact on people’s lives as they set out to revolutionize the legal buying and collaboration experience. I look forward to seeing the continued impact Formally will deliver as the company scales and continues to transform the legal industry.”

About Formally

Formally is a legal collaboration company seeking to use intelligent technology and accessible design to simplify legal processes and increase access to justice. Having already served thousands of asylum seekers, their most recent product helps international founders apply for visas to start and build their companies in the U.S. without the price tag and uncertainty of the current process. They’re actively hiring and recruiting companies for their beta tool to help high-growth employers sponsor visas for international talent. Follow @FormallyTeam and learn more at formally.com.

About Bessemer Venture Partners

Bessemer Venture Partners helps entrepreneurs lay strong foundations to build and forge long standing companies. With more than 135 IPOs and 200 portfolio companies in the enterprise, consumer and healthcare spaces, Bessemer supports founders and CEOs from their early days through every stage of growth. Bessemer’s global portfolio includes Pinterest, Shopify, Twilio, Yelp, LinkedIn, PagerDuty, DocuSign, Wix, Fiverr and Toast and has $9 billion of capital under management. Bessemer has teams of investors and partners located in Tel Aviv, Silicon Valley, San Francisco, New York, London, Boston, Beijing and Bangalore. Born from innovations in steel more than a century ago, Bessemer’s storied history has afforded its partners the opportunity to celebrate and scrutinize its best investment decisions (see Memos) and also learn from its mistakes (see Anti-Portfolio).

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