Blockchain Startup Legaler Raised $1.5 Million Ahead Of ICO And Plans To Release App To Support People Lacking Legal Representation
Blockchain startup Legaler was launched in 2017 by Stevie Ghiassi and Mike Hosseini as a networking tool for lawyers. The startup now has over 1,000 law firms signed up in 80 countries.
The firm managed to raise $1.5 million in funding just before its ICO to build its distribution network for the legal industry.
This funding round was conducted by MasterNode Ventures and included PacificBlue Capital and more private investors who are not known for the moment.
Co-founder and CEO of Legaler, Stevie Ghiassi spoke to StartupSmart and stated that the startup is currently developing a “blockchain-based platform for the legal industry”.
Legaler’s flagship app Legaler Aid supports people without legal representation
The app will match people who cannot afford traditional legal advice with the ones who are willing to offer such advice pro bono.
A tokenized incentive platform will be used, and it will also provide a crowdfunding platform as well.
Ghiassi addressed figures from the United Nations and stated that 4 billion people all over the world don’t have access to legal representation.
This is more than the 2 billion people who are currently unbanked and the 3.5 billion who lack Internet access. We mentioned these two other groups because other blockchain groups usually target these.
The startup plans to build a dedicated blockchain for the legal industry and to become the world’s largest legal services provider, through blockchain infrastructure, according to Ghiassi.
The ICO is scheduled for the end of 2018
Legaler initially announced that the ICO was set to take place back in February but things got delayed until the end of this year. Then Legaler will also push its Legaler Aid app as its flagship product.
The $1.5 million in funding will be used for the building of the initial product and the growing of the team, as well as marketing the ICO.
“We’re not in a rush to try and raise. We want to build out an infrastructure people can use. We’re in this for the long term,” Ghiassi said.