On-demand legal service platform Kuaifawu announced the completion of a $10 million USD series B on Saturday, led by Shunwei Capital, a China-focused venture capital fund with Xiaomi CEO Lei Jun as founding partner and chairman. It is reported that series B round of investment was closed on October 2015.
Meaning ‘fast legal service’, Kuaifawu (快法务) provides online on-demand legal services for the public, mainly entrepreneurs and SMEs dealing with registration, taxation, patent and trademark registration.
Kuaifawu CEO Yuri Xia says their company registration service takes 18 working days, compared to traditional service which takes more than 20 days.
“Using our technology, we standardize the service to enhance the efficiency and control quality. Yet, our price is one-third of the traditional service,” says Mr. Xia. “65 percent of our customers are IT companies and the other 35 percent are traditional sector companies.”
For example, if a company needs to register a subsidiary, the website compares the price in the market and then lowers price that they can offer, along with how long it will take to complete the service. Lawyers, accountants and business agents registered on the site have their own profile and users can comment on the lawyer’s service after completing the case.
Launched in June 2014, Kuaifawu claims to have more than 3,000 lawyers, accountants, business agents and other service providers on their platform.
“There are already a lot of medium-sized law firm lawyers that chose to cooperate with us and well-known law firms take the initiative to cooperate with us,” Mr. Xia says. “Just like Uber, we are a sharing economy for accountants, lawyers, agents and many service providers.”
Available on website and application, the company currently covers Beijing, Shanghai, Shenzhen, Guangzhou, Hangzhou, Chengdu, Nanjing, Suzhou, Xiamen, Ningbo, Chongqing, Tianjin and other 12 cities.
Image Credit: Shutterstock, Kuaifawu