Legal tech startup Summize has secured a £5m Series A investment from YFM Equity Partners and Maven Capital Partners.

Founded in 2018 by Tom Dunlop and David Smith, “contact lifecycle management” software Summize creates and validates legal contracts. The company claims it can shorten the contract lifecycle for businesses by automating steps in the process. Its software also scans contracts for legal risks and presents them as a summary

Tom Dunlop, CEO and co-founder of Summize, said: “Digitizing the end-to-end contract cycle and directly integrating into the Teams and Slack interface brings the in-house legal department up to speed with its more digitally advanced counterparts in finance, HR or sales.”

The Manchester-based startup will use the new funding to expand software development as well as grow its user base in the US.

Sum up takes into account Fujifilm, Everton Football Club, Moonpig, Vodafone and A modern dairyman among more than 100 customers.

“They’ve developed a really effective solution to help legal departments and processes transition to a digital journey that’s engaging for users because it acts as an extension of existing ways of working,” said Mike Clark, investment partner at YFM Equity Partners. .

“Summize will also benefit from having a very experienced senior management team at this stage of the business and a clear vision of where they are going,” added Clarke.

Contract Lifecycle Management Software Industry was valued at $1.7 billion (£1.5 billion) in 2021 by consultancy imarc group.

Summize scoops £5m to digitalise and automate legal contracts