There are plans in place for Hence Technologies, a Kigali-based legal-tech startup that focuses on bringing the greatest problem-solvers, designers, and engineers to Rwanda, along with data scientists.
In the previous two years, a total of $2.6 million has been raised by the company, which received an additional $1.8 million in early capital from various institutions and angel investors.
According to Arun Shanmuganathan founder of Hence, the startup’s latest round of initial funding is a clear validation and demonstration of its potential to disrupt the market for professional service providers.
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Using the funding, the startup will target larger organizations with larger legal expenditure budgets and needs for its next stage of expansion.
A Look At What Hence Technologies Does
Founded in 2020, the startup can link client organizations’ internal legal teams with external legal service providers and select lawyers depending on the type of assignment, location, and costs.
Hence Technologies was validated following a successful trial with a US-based investment firm and a London-based insurance company.
“The company began its operations in Rwanda in early 2020. It is headquartered in UK but we are building out the technology base from here in Kigali with a team from across Africa. We want to show the world that you can solve global problems with world-class technology from here in Rwanda,” Arun Shanmuganathan, Co-Founder said in a statement.
Shanmuganathan, a former lecturer at the African Leadership University (ALU) in the college of mathematics, said the team has grown to 20 employees since establishing offices in Kigali in August 2020.
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Most Fortune 500 firms spend more than $800 billion a year on legal services, and the majority of this money is spent on lawyers rather than on actual statistics.
“Hence’s recommendations can ensure that companies are spending money on advisers on the back of evidence that they are appropriate for the task. It is a huge part of why we are excited to invest in Rwanda, because the vision of what we are trying to build is around the knowledge economy. Knowledge economy is the future, everyone using their brains to solve problems and Rwanda wants to be the heart of that,” Shanmuganathan said.
Hence Technologies Legal Hence Technologies Legal
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer