St. John’s, Newfoundland-based Rally, a legal tech company, has secured C$750,000 in funding. The investors were Venture Newfoundland and Labrador LP, Killick Capital, Concrete Ventures and Good News Ventures.
December 11, 2019
(St. John’s, Newfoundland) Rally receives $750,000 in funding from Venture Newfoundland and Labrador LP, Killick Capital, Concrete Ventures and Good News Ventures. Chris Moyer, Director of Venture Newfoundland and Labrador LP, and the Hon. Bernard Davis, Minister of Tourism, Culture, Industry and Innovation will join founders and investors today at the Emera Innovation Exchange in the latest funding announcement.
Rally is a legal technology company headquartered in St. John’s, NL with a second office in Toronto. It was founded by Scott Stevenson, Daniel Di Maria and Matthew Mayers. It delivers automation & collaboration software to business lawyers and their clients. Rally’s longterm mission is to make the world’s legal documents computer-understandable, enabling lawyers to practice with more confidence and efficiency, while enabling businesses to gain insight from their legal information.
Scott Stevenson, CEO of Rally, elaborates on what the funding means for the company: “This marks a very important milestone for us. Having proven a market need and our ability to execute, this capital enables us to expand sales efforts across the US and Canada, double the size of our team, and to build out the next major features for our platform”. Scott also notes the support that brought the company this far, “We’re the product of a great, snowballing tech ecosystem. Organizations like Genesis, Legal Innovation Zone, the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) and Metro Business Opportunities, have been instrumental in our success.”
Chris Moyer notes the significance of today’s announcements for the Fund, “At Pelorus we focus on the strength of the entrepreneurs. Rally is a team we got to know before they had even developed their idea. Our investment in Rally is another example of our model in action as our $250,000 investment along with Killick’s $250,00 attracted an additional $250,000 from Nova Scotia and Ontario based funds.”
“Advancing the start-up eco-system is important to the Government of Newfoundland and Labrador.” the Honourable Bernard Davis, Minister of Tourism, Culture, Industry and Innovation said, “Through the Business Innovation Agenda and Technology Sector Work Plan, we are working to enable the entrepreneurial spirit of our businesses, to support innovative businesses and employment opportunities. Newfoundland and Labrador is a significant investor in Venture Newfoundland and Labrador LP which is focused on technology startups in Newfoundland and Labrador. This is part of our commitment to deliver concrete supports for innovation, and support innovative startups such as Rally.”
Venture Newfoundland and Labrador LP is a public/private venture capital fund created by Pelorus Venture Capital, the Province of Newfoundland and Labrador, BDC Capital Inc. and private angel investors. The Fund made its first investment in 2015 and has since invested over $7 million in Newfoundland and Labrador based technology start-ups. The goal of the Fund is to invest in and partner with entrepreneurs with innovative technologies, to help commercialize their products and services and grow their companies while providing venture returns for the Fund’s investors.
Killick Capital is a St. John’s based fund that invests primarily but not exclusively in technology-driven startups with high growth potential. It helps build success by offering mentorship, finance expertise, governance support and access to its network.
Concrete Ventures is an Atlantic Candian pre-seed fund with a focus on finding great ideas and founders that are ready to build massively scalable businesses.
Good News Ventures is a Toronto-based venture capital firm. It invests in early stage technology companies founded by “true grit entrepreneurs”. It backs “passionate and determined founders as they develop their impressive ideas into prominent businesses”.