RightNow receives $10.3m in Series A financing round
- LegalTech startup RightNow closes Series A financing round to provide consumers with access to justice by purchasing their legal claims in a variety of sectors.
- Technology investor VR Ventures and the family office of the “Schwarzwälder Bote” become new shareholders.
- VR Ventures also facilitated an investment in RightNow’s bond to purchase state-guaranteed Covid19-travel vouchers.
- RightNow intends to use the Series A funding to further develop existing products and enter new markets.
- The company was founded in 2017 by Dr. Torben Antretter, Phillip Eischet, and Dr. Benedikt M. Quarch; the founders were recently recognized by Forbes Magazine as “30 under 30”.
Düsseldorf, December 7, 2020 – RightNow, the Düsseldorf-based LegalTech company, which purchases consumer claims, has completed a Series A financing round. Despite the Corona pandemic, RightNow managed to raise $10.3m to accelerate its growth and improve on existing products. The Series A is being led by Berlin-based VR Ventures with the participation of the family office of the “Schwarzwälder Bote”, which has been advised by Redstone. The company had previously raised $2.1 million in a first closing of the Pre-Series A, in which – amongst others – the founders of trivago invested in RightNow in 2019.
With this investment, RightNow – after adding Dr. Marcus C. Funke, a former Partner of Latham & Watkins, as Chief Legal & Strategy Officer to the management team – aims at building the leading tech-driven consumer claims purchasing company in Europe. The opening of a new office location in Berlin will further strengthen RightNow’s product and technology team. More than 350,000 clients already use RightNow’s platform to enforce their legal claims.
Dr. Torben Antretter, co-founder and CFO of RightNow, says:
“With this investment, we have an excellent basis to further accelerate our company’s growth. Our focus is now to further develop our products and to make it as easy as possible for consumers to receive money for their legal claims.”
Timo Fleig, CEO of VR Ventures, comments:
“With its innovative approach, RightNow has the opportunity to change the market for the enforcement of legal claims for good. For many consumer claims, it is not worth the hassle to consult a lawyer or to engage in a lengthy debt collection process. We are very impressed with what the team has built since the company’s launch in 2017 and are convinced that RightNow has what it takes to become the market leader in handling consumer claims.”
Dr. Richard Rebmann, Managing Director of Schwarzwälder Bote, explains:
“For our family holding, this investment is a further step towards the diversification of our investment portfolio. We are very pleased to be able to support RightNow through our participation in the Series A. We were convinced by RightNow’s business model, management and the success that the company has achieved so far.”
RightNow is a leading consumer claims purchasing company. Based in Düsseldorf, RightNow’s mission is to create parity between consumers and large corporates by purchasing and financing consumer claims and paying a significant proportion of each claim within 24 hours. As such, RightNow can evaluate and service specific legal claims within seconds. The company was founded in 2017 by Dr. Torben Antretter, Phillip Eischet, and Dr. Benedikt M. Quarch.
About VR Ventures:
The venture capital fund VR Ventures was founded in 2020 as an innovation driver in the financial and real estate industry. The investment focus is, besides start-ups from the FinTech and PropTech segment, on innovative digital solutions for small and medium-sized companies. With the strategic fit of LPs and portfolio companies, VR Ventures supports beyond money. The fund management of VR Ventures has entered a strategic partnership with Redstone.
About the Family Office Schwarzwälder Bote:
The Schwarzwälder Bote GmbH & Co. KG is a family holding company based in Oberndorf am Neckar. The company makes investments in media companies, including Südwestdeutsche Medienholding GmbH and Medienholding Süd GmbH. In addition, it manages real estate assets and holds investments in various businesses.