Legal tech is booming. A new VC firm wants lawyers in on the action.
More than 50 lawyers are launching a new venture fund, GCVC, to take a direct stake in the technology reshaping their profession.
General counsels from a variety of tech companies are teaming up to launch a new venture fund called GCVC, with the aim of investing in legal technology startups. The fund, which has already raised over $2 billion in its first half-year, is looking to bring lawyers into the decision-making process when it comes to funding legal tech tools.
Current and former general counsels from Salesforce, ElevenLabs, Bilt, and Rippling have all invested their own personal capital into GCVC, along with the first law firm backer, Wilson Sonsini. Matt Holbreich and Erick Rabin, the fund's founders, emphasize that this is the first venture capital fund of lawyers, by lawyers, for lawyers.
The founders believe their collective pedigree and understanding of the legal profession's challenges will help GCVC gain access to the most promising legal tech startups. An early success story for the fund is Stilta, a company that developed software for patent work and went on to raise capital after being introduced to potential investors by GCVC.
The founders of GCVC hope that their involvement will help founders create tools that free up their time and allow them to focus on providing valuable advice to their clients and employers.
Written by urgent.news from Business Insider's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
