Osborne Clarke advises Thirdfort on £1.5m fund raising to ramp up product development
Bristol-based lawyers at international legal practice Osborne Clarke have advised digital onboarding platform Thirdfort on its latest £1.5 million fund raising.
Leading digital entrepreneur Alex Chesterman is among the high profile names to have reinvested in the London-based digital ID and anti-money laundering start-up. The funding will support the firm's expansion in the legal and property sectors.
The ‘growth’ funding round was raised solely from existing investors, with the funds doubled via a convertible loan from the Government, as part of its Future Fund programme.
This latest round marks the third investment from Alex Chesterman OBE (founder of Cazoo, Zoopla and LoveFilm), regarded as one of Britain’s most successful serial digital entrepreneurs, as well as further backing from the likes of law firm Mishcon de Reya, Chris Marks (former CEO of Natwest Markets) and David Rutter (founder of R3).
It brings the company’s total funds raised to £4.2 million and will support product development and innovation, particularly in light of HM Land Registry’s recently introduced Digital ID Standard which, alongside other Government initiatives, is expected to drive the use of digital ID within conveyancing.
FCA regulated Thirdfort is a web and mobile app that combines open banking, document scanning and facial recognition technology, to streamline identity and source of funds checks carried out during legal and property transactions. Thirdfort lets lawyers and property professionals onboard their clients quickly, securely and entirely remotely.
James Taylor, associate director in the corporate practice at Osborne Clarke in Bristol, advised Thirdfort.
This deal is another example of Osborne Clarke’s venture capital work advising disruptive, fast-growing start-ups in the tech sector. Osborne Clarke’s market-leading international venture capital practice is widely recognised as a leading European law firm for companies operating in the technology, media and telecoms sector.
