Growth cash for legal software firm Rekoop
A SOFTWARE firm behind a cloud-based legal timesheets system has agreed a £500,000 funding boost to expand its technology and hire new staff.
Manchester-based Rekoop has secured a loan from The North West Fund for Loans Plus managed by FW Capital.
Rekoop’s time-capture software currently helps legal professionals in 35 countries automatically complete their timesheets.
Its blue-chip client list includes top legal firms such as DLA Piper, Eversheds and Simmons and Simmons.
FW Capital has structured the funding package to allow Rekoop to develop Windows-based and Android versions of its software package, further strengthening its market position.
Rekoop currently employs 16 staff and plans to create 10 new sales, software development and administrative roles this year. It is also using the loan to expand its Manchester offices.
Benn Latham, chief financial officer said: “We’ve invested heavily in R&D since setting up in 2009 which has helped us develop our innovative software and also establish our market niche.
“The legal sector is going through unprecedented change as firms look for efficiencies and this is an excellent opportunity for us. With the backing of the loan from The North West Fund for Loans Plus we can continue developing our software.
“This will strengthen our competitive advantage considerably and enable us to focus on new opportunities.”
Chris Pestell, investment executive at FW Capital, added: “Rekoop has developed a comprehensive product which offers customers a range of significant benefits such as enhanced time recording and increased billing. It continues to win new customers and in just over four years has built up an enviable client list which includes five of the UK’s top legal firms.”
The £45m North West Fund for Loans Plus is managed by FW Capital and can lend between £50,000 and £750,000 to North West businesses. It is part of the wider North West Fund, financed jointly by the European Regional Development Fund and the European Investment Bank.
