, a marketplace for legal services, has raised a $12 million Series B round according to a new with the U.S. Securities and Exchange Commission.
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UpCounsel previously raised a total of $14 million since its inception in 2012. This latest round brings its aggregate funding to $26 million. Most recently, the San Francisco-based startup raised a $10 million Series A round that closed in July 2015. , , , and��participated in the round.
It is not clear from the SEC filing who participated in UpCounsel’s latest round, although the filing indicates there were 12 investors who were a part of its Series B. At the time of writing, UpCounsel had not responded to 蹤獲弝け News���s request for comment.
Small and large enterprises use UpCounsel to supplement or replace large law firms or traditional service providers. The UpCounsel community is made up of part-time, solo, and boutique attorneys who hail from global law firms and graduated from top law schools. Customers include , , and investor .
, founder of legal web strategy consultancy AttorneySync, believes that UpCounsel makes a lot of sense from the perspective of business legal services consumers.
���They take a lot of the pain out of the lawyer search process,��� Tsakalakis told 蹤獲弝け News.
However, Tsakalakis is skeptical of the startup upon completion of a project.
���I’ve always thought that these sites face something of an identity crisis, namely, is their primary function to serve legal services consumers (i.e., their users) or their lawyers?��� he said. ���Needless to say, these interests aren’t always aligned���. If consumers lose trust in the integrity of a platform, they’re more likely to fall back on traditional notions of getting referrals from people they know, like, and trust���which they should still be doing anyway.���
It is that , another online legal marketplace, had, according to Tsakalakis.
���Rating lawyers is really hard. It’s not like rating a restaurant,��� he said. ���I have yet to see a lawyer rating site that does a good job of matching based on qualitative data.���
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