Mr Pitt said the funding will assist Lawcadia expand its legal procurement business, which is already attracting significant business interest across Australia and the Asia-Pacific region.
“This home-grown company is the first legaltech startup to receive funding from the Business Development Fund and it’s exactly the type of innovative business that the Palaszczuk Government is looking to invest in,” Mr Pitt said.
“The Lawcadia business model aims to help companies and governments in global markets rethink the way they procure and manage legal services and use data on their legal matters.
“From the government’s perspective, investing in companies such as Lawcadia is good for Queensland.”
Mr Pitt said Lawcadia’s legaltech platform was designed and built in Brisbane and the company is now consolidating its roll-out in top Australian companies and government bodies.
The Business Development Fund contribution is matched alongside the investment that Lawcadia received from private sector co-investor ACAC Innovation, and takes the total funds raised by Lawcadia to $1 million.
Lawcadia CEO and Founder Warwick Walsh said that Lawcadia has already started working with some large companies and government organisations in Australia.
“We have a unique solution to helping organisations get greater value and efficiencies from their legal spend through our legal procurement platform,” Mr Walsh said.
“Many law firms are also frustrated about the lack of transparency through current legal procurement processes and are excited by our new, innovative approach.
“Backing from the Queensland Government will allow us to expand our team even further, build and consolidate our position in Australia, and start to look towards global expansion.
“Queensland is well placed to be a breeding ground for legaltech startups and innovation in the legal industry generally.
“We see the growth of innovation centres, such as The Capital building (in Queen Street, Brisbane) where we are now based, as being important for Queensland to make the most of this opportunity.
“The Business Development Fund is an excellent initiative to attract venture capital to Queensland-based start-ups.”
ACAC Innovation Director Andy Greig said Queensland Government investment, along with private sector investment, helps to ensure the continued growth of innovative Queensland businesses, such as Lawcadia.
“Financial investment from the Queensland Government shows confidence in the business proposition, as well as support for the experience and knowledge that private sector investors bring to new business initiatives in Queensland,” said Mr Greig.
The $40 million Business Development Fund invests from $125,000 up to $2.5 million in matched funding, alongside private sector co-investors to assist businesses turn their ideas and innovations into commercial realities.