Legal tech startup Oddr on Monday said it has raised seed funding of $2 million (around Rs 16 crore) co-led by Saama Capital and Twin Ventures.
The round also saw participation from angel investors from the US, Singapore and Germany.
The Silicon Valley and India-based firm will use the fresh funds for building its artificial intelligence-backed invoice to cash hub for legal companies, onboard more clients and hirings.
Founded by Milan Bobde, Sumit Garg and Saurabh Mehra this year, Oddr is a platform that aims to simplify and reduce complexities in the ‘invoice to cash’ processes at law firms. It also claims to be planning a launch of its services in US, UK and Australian markets with a research and development centre to be set up in India.
“We are aiming to solve a big problem for the professional services sector globally. Oddr is the first industry cloud platform that unifies billing, collections and payments in a single platform. Our aim is to touch an ARR of $1 million in the next 18-24 months as we enter international markets,” said Bobde.
Early-stage venture capital firm Saama Capital had funded startups including SKS Microfinance, Veeba, Paytm and Bluestone. Its latest bets include those on reusable diaper brand SuperBottoms and AI-based marketing and SEO startup Scalenut.
Twin Ventures invests in startups at an early-stage and acts as angel investors or pre-seed investors that offers a typical check size is $100,000 with follow-on investments of up to $150,000.
A handful of legal tech startups could manage to raise funding in recent times. For instance, Black Coat Technologies Pvt. Ltd, which operates legal technology startup LegalKart, has raised Rs 4 crore led by Mumbai Angels, a platform for early-stage investments, in January this year.
Last month VCCircle had reported that Prosus Ventures, which has backed unicorns like Byju’s and PharmEasy, is in discussions to invest $10 million around in Gurugram-based legal technology startup, SpotDraft.