Magnar raises $8M Series A

Chilean legaltech startup Magnar has secured $8 million in Series A funding led by 6 Degrees Capital and Hi Ventures. Additional investors include FEN Ventures, Platanus Ventures, Nascent Ventures, and Beccar Varela. Established less than a year ago, Magnar's AI platform streamlines the process of legislation and case law research, information analysis, document drafting, and review. The platform integrates with Microsoft tools and utilizes region-specific legal sources.

With the new funding, Magnar plans to expand its development team, enhance its product offerings, and strengthen its presence in its current markets of Chile, Peru, Colombia, Argentina, Ecuador, Costa Rica, and Uruguay. The company also aims to enter the Brazilian and Mexican markets by opening offices and building commercial teams. Magnar currently boasts around 30,000 users and collaborates with 350 law firms spread across seven Latin American countries.

Magnar's CEO, Andrés Arellano, expressed excitement about the Series A funding, stating that it will enable the company to invest more resources into improving the platform for existing users and extending its reach to additional lawyers across Latin America. The Brazilian and Mexican markets, combined, are home to a combined 1.9 million lawyers, presenting a significant growth opportunity for the company.