IDG Capital, an investment affiliate of media firm International Data Group, has contributed to a RMB120m ($17m) series B round for China-based legal services platform Wusong Technology, China Money Network reported today.
The round was led by venture capital firm China Growth Capital.
Founded in 2014, Wusong Technology operates an online legal services portal that provides features such as access to historic court decisions and marketing tools to lawyers and judges. The company claims that more than 150,000 professionals in China have used the platform to date.
The legal services market is worth approximately $473bn in the US alone, some 28 times bigger than China’s equivalent.
The money will go towards recruitment, upgrading the company’s product and marketing activities.
The company previously secured RMB27m in series A funding from IDG Capital in 2015.
Jiang Yong, founder of Wusong Technology, said: “Legal services are not standardised and require extended service time, so simply matching demand and supply online will not work. We focus on enabling lawyers in the aspect of professional knowledge, capabilities, branding and business partnerships.”