We raised a US$8M Series A
At Magnar we build the artificial intelligence platform for Latin America's lawyers. We started a little over a year ago, and today around 30,000 users and 350 law firms work with us. We have now raised a round to grow our team and keep making Magnar a more useful tool for legal work across the region.
What do we do at Magnar?
Our work starts from something we know first-hand: practicing law means researching, going through a lot of information, writing and reviewing it all again. We want lawyers to spend more time thinking through their cases and less on the tasks we can help them get done.
So we bring legal research, the analysis of large volumes of information and the drafting and review of documents together in one place. And we take Magnar into the tools that are already part of the working day, like Word and Outlook.
To do that well, we work with sources of legislation and case law specific to each market. You can open the references we used, check each one and draw your own conclusions. We provide the technology; the judgment and the legal decisions stay yours.
Today we are in Chile, Peru, Colombia, Argentina, Ecuador, Costa Rica and Uruguay.
What is the round for?
The first thing is to keep making Magnar better for the people already working with us. In Chile, Peru, Colombia and Argentina we want to deepen our presence and stay closer to the firms and legal departments that use the platform. That work continues in Ecuador, Costa Rica and Uruguay too.
That means expanding our sources of legislation and case law; improving the research, analysis and drafting tools; and continuing to adapt Magnar to the way each country works. That is where the users and the firms that have brought us this far are, and we want this round to turn into concrete improvements for them.
We are also going to open Brazil and Mexico, with commercial teams and our own offices in both countries. Together they add up to around 1.9 million lawyers. We are building the legal information sources we need to work in those markets, with all the complexity their federal systems carry.
To move forward in all of these countries we need to grow our development team and keep working through the details of each legal system. That is what this investment will go to.
Who invested?
The round is led by 6 Degrees Capital, an English fund, together with Hi Ventures, a Mexican fund, as co-lead. FEN Ventures, Platanus Ventures and Nascent Ventures are also taking part.
We also continue to have the backing of the region's most prestigious law firms. Beccar Varela, one of Argentina's best known firms, joins now as an investor, as Carey had already done in Chile. Firms with that track record choosing to be part of Magnar means a great deal to us: they know this work first-hand and they are betting on what we are building.
“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.”
Andrés Arellano
CEO