Chilean legaltech startup Magnar raised an $8M Series A led by 6 Degrees Capital and Hi Ventures. FEN Ventures, Platanus Ventures, Nascent Ventures, and Beccar Varela also participated.
Founded just over a year ago, Magnar develops an AI platform that helps lawyers research legislation and case law, analyze information, and draft and review documents. The platform integrates with Microsoft Word and Outlook and uses legal sources specific to each market.
With the funds Magnar will grow its development team, improve its product, and deepen its presence in Chile, Peru, Colombia, Argentina, Ecuador, Costa Rica, and Uruguay. Magnar will also enter Brazil and Mexico, where it plans to open offices and build commercial teams.
Magnar has around 30,000 users and works with 350 law firms across seven Latin American countries. Brazil and Mexico, its next markets, have a combined 1.9 million lawyers.
“We started Magnar thinking about the lawyers of this region, with their codes, their languages and their ways of working. This round lets us put more people and resources into building a better platform for those who already trust us and into taking that work to more lawyers across Latin America.” said Andrés Arellano, CEO of Magnar.
Source: LatamList
