Legora CEO: Software Sovereignty is an Excuse Not to Compete Globally
Max Junestrand, co-founder and CEO of Legora, argues that calls for European software sovereignty are often a smokescreen for companies unwilling to go global. He made these remarks at Wave by Vento in Turin on Thursday.
"I think sovereignty in enterprise applications... or the software layer is kind of an excuse for companies who are not bold enough to compete globally." - Max Junestrand
Junestrand believes that while sovereignty matters for critical sectors like energy, defense, and infrastructure, it holds less weight for software sold worldwide. Legora, based in Stockholm, develops AI tools for legal professionals with a global market focus from its inception.
Jeannette zu Fürstenberg, president and managing director of General Catalyst (an investor in Legora), advocates for European sovereignty lower down the stack, particularly in services, which constitute 70% of Europe's GDP. She argues that Europe needs to develop its own energy and compute clusters to prevent wealth from flowing outward.
Key Takeaways:
- The global AI legal market will likely have one dominant player, with Legora's closest rival, Harvey, securing a $550m round at a $15.6bn valuation in September.
- Legora has experienced rapid growth, reaching $200m in revenue under 18 months after hitting $1m, and projecting to reach $300m with over 50% growth each quarter for two years.
- The company's sales team has expanded from 22 to 300 staff in less than a year.