Legaltech LXE raises US$47k through ECF on Ata Plus
By Digital News Asia January 29, 2021
- Oversubscribed by 91% startup, LXE receives support from 53 investors
- Platform allows lawyers & clients alike to track, manage litigation proceedings
LXE Theory Sdn Bhd, a Malaysian legal technology company successfully closed its Equity Crowdfunding (ECF) campaign with Ata Plus, an ECF platform registered with Securities Commission Malaysia. LXE concluded its campaign recently, raising US$47,200 (RM191,001) from an impressive 53 investors.
The lawyers and fintech professionals behind LXE were guided by the simple mission of bridging the knowledge gap and communication oversight that can happen between lawyers and laymen –especially when case volumes are high. This led to the creation of LXE’s proprietary web-based platform which allows lawyers and clients alike to track and manage their litigation proceedings together in a systematic and transparent manner.
Speaking from their experience as litigators, the cofounders of LXE, Joshua Goh and Abhilaash Subramaniam (pic, left) believe that LXE’s technological features serve primarily to improve the way lawyers communicate with their clients when handling legal proceedings.
“Developing this process is crucial and will inevitably benefit all sides involved through increased transparency and modernisation of Malaysia’s legal scene. Overall, we are encouraged and grateful to all our investors for seeing LXE’s potential and enabling its growth,” said Joshua.
In addition to the positive response from the general community, the platform is also quickly gaining traction from the legal fraternity with beta testing and subscription commitments already secured with law firms based around the Klang Valley. The positive traction is further enabled by their ongoing early-bird incentives offered leading up to its official launch.
Kyri Andreou, cofounder and director of Ata Plus said, “LXE offers a unique and novel solution to the legal technology space. By strategically keeping its valuation conservative and the minimum investment amount low, they empowered a wider segment of the general public to participate in LXE’s journey by lowering the barriers to entry.”
As a result, an impressive 50 per cent of LXE’s investors are under the age of 30. “The young investor demographic was spurred by the relatively small minimum investment amount. Up to 40 per cent of them supported LXE by investing the minimum of US$124 (RM500). LXE’s campaign is the perfect example of how wealth can be democratised through ECF,” Kyri concluded.