Contract management platform Juro has raised £3.7m investment to bolster its team and expand in the US and UK.

The new funding brings the total raised in its Series A round to £6m.

The latest round was led by Union Square Ventures (USV), which has previously backed the likes of Twitter and Kickstarter.

The round also had participation from existing investors Point Nine Capital, Seedcamp, Indeed co-founder Paul Forster and Taavet Hinrikus, co-founder of TransferWise.

The firm was founded in 2016 by former lawyer and LegalZoom employee Richard Mabey and Paris-based Pavel Kovalevich.

The London firm, which also has an office in Riga, creates ‘modular’ legal contracts which can be integrated with business processes such as HR and sales.

It claims contract agreements can be made up to 96 per cent faster with the introduction of its platform and the integration of its machine learning technology.

Its users include top UK tech firms Deliveroo, Skyscanner, and Babylon Health.

The company, which has customers in 50 countries, said it will use the funds to increases its data proposition, triple its product team and expand its EU and US customer based.

Richard Mabey, CEO of Juro, said: “Contract management systems are invariably designed by lawyers for lawyers. We’re rebuilding contracts for the end user.

“We’re delighted to partner with USV as we execute on our vision to transform legal contracts into dynamic, modular agreements that reflect and empower business relationships. It’s great to see so many businesses supporting this approach and joining our community.”

John Buttrick, a partner at USV, will join the firm’s board following the investment.

“We look for founders with products equipped to change an industry,” said Buttrick.

“While contract management might not be new, Juro’s transformative vision for it certainly is.

“There’s no greater proof of the product’s ease of use than the fact that we negotiated and closed the funding round in it. We’re delighted to support Juro’s team in making their vision a reality.”