SeedLegals, a cloud-based platform that simplifies and cuts the cost of the startup fundraising process, has secured £1m in investment from Angel investors, two law firms and an early stage venture fund.
Launched in March 2017, SeedLegals aims to reduce the time and cost of a startup funding round by 80%. It helps founders get investment-ready and simplifies each aspect of the fundraising process.
The firm increases the transparency of the funding process by allowing founders and investors to allocate shares, add investors, negotiate and complete a funding round online. Documents can be e-signed and securely hosted in the cloud for online viewing and sharing.
SeedLegals claims all of this reduces the average time taken to complete a typical funding round from 18 weeks to a matter of days. With a flat fee of £1,600, the firm charges significantly less than the £3,000 – £20,000 typically demanded by lawyers for fundraising.
The London-based firm was founded by serial entrepreneur and former head of BBC iPlayer Anthony Rose and serial investor Laurent Laffy, whose portfolio includes companies such as Lastminute.com, Secret Escapes, Graze and CultBeauty.
“Legals stick out as the only process that has so far not been brought into the SaaS age. We set out to change that, building an always-on platform that dramatically reduces the time and cost of doing a funding round. More importantly, in the future it will enable entirely new opportunities and marketplaces, including continuous funding, founder-investor matchmaking, and more,” said Rose.
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Law firms Fieldfisher and DKLM also took part in the round, as did first-round fund Seedcamp.
“At last someone is bringing company funding legals from the paper age into the digital age. Anthony, Laurent and the team have crafted this product with such care and completeness, I believe in a few years using SeedLegals will just be a given, and not just for tech companies, but any company with more than one shareholder,” said Angel investor Harry Briggs.
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