ILS raises $3m in seed funding led by Chicago Ventures to scale its fund workflow platform
The fresh capital will back product expansion and team growth as the legal tech startup targets new international markets.
≈ £2.2M at $1 = £0.7449 on 9 Mar 2026
ILS provides a workflow platform that automates post-close legal processes for private equity and investment funds.
ILS has secured $3m in seed funding led by Chicago Ventures to scale its workflow platform for private funds teams. The capital will be deployed to expand the team and accelerate product development through 2026, including automated comment memos, co-investment tracking, and enhanced LP reporting.
Founded in 2024 by former investment funds lawyers Fergus Plant and Jack McCarthy alongside software engineer Stefano Benigni, the company developed its ProVision platform to replace manual email chains and spreadsheets in handling side letters and MFN elections. The system has already processed over 5,000 side letters across major global law firms.
Following the new financing, ILS plans to integrate more deeply with fund administration platforms and expand its footprint into new jurisdictions such as Luxembourg and the Cayman Islands.
From the founder
"We don’t add AI unless it is genuinely required, and AI is never forced on the user. Law firms have different governance frameworks, risk appetites, and ways of working, so ProVision is fully configurable, enabling teams to switch AI capabilities on or off at a granular level. This flexibility allows firms to retain full manual control where required, apply AI only to specific stages of a process, or use it to accelerate an initial review while professionals validate and confirm the outputs."
Jack McCarthy
at ILS
Use of funds
- 01Grow the team
- 02Continue product development
- 03Expand into international markets