As the state tries to muscle in as a potential fintech hub, Lawcadia, a Brisbane-based start-up has secured a substantial investment from the Queensland Business Development fund.
Lawcadia is the first legaltech company to receive an investment from the state government’s $40 million Australian dollars early-stage investment fund, which targets emerging, high-growth, and innovative Queensland businesses.
The Lawcadia business model aims to help companies and governments in global markets rethink the way they procure and manage legal services and use data on their legal matters.
Double The Funding
The Legaltech firm has received $500,000 Australian dollars from the Queensland Government’s Business Development Fund, the government’s investment is matched by private-sector co-investor ACAC Innovation, which raises the total Lawcadia investment to $1 million Australian dollars.
Treasurer and Minister for Trade and Investment Curtis Pitt commented, «From the government’s perspective, investing in companies such as Lawcadia is good for Queensland.»
Legal Tech Hub Aspirations
Queensland is well placed to be a breeding ground for legaltech start-ups and innovation in the legal industry generally.
«We see the growth of innovation centres, such as The Capital building (in Queen Street, Brisbane) where we are now based, as being important for Queensland to make the most of this opportunity,” said Warwick Walsh, Lawcadia founder and CEO.
