SeedLegals raises $4m to help start-ups save money
UK-based SeedLegals has closed a $4 million Series A round that will boost its mission to help start-ups save on time and legal costs when fundraising, Jane Connolly writes.
Launched in 2017, SeedLegals’ platform automates and manages the entire fundraising process and generates the required legal documents. The database-driven platform replaces traditional documents such as spreadsheets and Word files, so data only needs to be entered once.
This enables start-ups to cut down on the time and money involved in having lawyers draft bespoke documents for each transaction.
SeedLegals claims that by creating more than 27,000 contracts on their platform last year, UK companies would have saved around £4.5 million in legal costs.
Hannah Seal from Index Ventures will join the SeedLegals board. She says: “SeedLegals is making the complex process of fundraising straightforward for everyone involved. For start-ups who spend thousands on legal fees on agreements that vary little from company to company, this is an absolute no-brainer.”
SeedLegals, which has signed up 7,000 companies, has also added the capability for start-ups to top up their investments between rounds: SeedFAST and Instant Investment.