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Having never raised funding before, the Clarity Stack team required legal guidance on their fundraising journey. SeedLegals helped Clarity Stack close a £1.79 million round in 48 days and save over £7,000 in legal fees.*
Clarity Stack is a B2B sales intelligence platform that helps businesses to sell better, close more deals and grow their revenue. It offers an all-in-one solution to help businesses find tailored B2B leads, data and insights.
The company was born out of founder and CEO Ben Harper’s belief that most sales efforts are inefficient, and launched in 2018 to help revolutionise the B2B sales process by harnessing AI-powered data.
Every founder worries about getting their first round of funding right.
“Years ago I was involved in a company acquisition,” says Ben Harper, founder and CEO of Clarity Stack. “It took nine months to complete and cost a lot in legal fees. I didn’t want our first round of funding to be anywhere near that level of distraction.”
To add to the worry, this was going to be the first round of funding Ben and his team had personally been involved in.
“I’d worked at companies that raised funding before but I wasn’t involved in the details, myself. So the first challenge was to navigate this whole funding thing with my team.”
Fortunately, Ben and his team already had a lead investor. And they recommended using SeedLegals.
“Fuel Ventures were big advocates of SeedLegals,” says Ben. “They encouraged us to take a look at the service and it seemed really great. Speed and cost were important to us, and it also looked really simple to use. It seemed to tick all our boxes.”
1. Simplified sharing and review functionality
SeedLegals simplifies the fundraising experience for both founders and investors. One way we do that is by enabling up-to-date documents and the cap table to be shared with investors, allowing them to have constant access to the most up-to-date information.
“Being able to set up everything together with our investors was brilliant,” says Ben. “If we’d done it ourselves, there probably would have been a lot of back-and-forth to agree on the various terms of the deal.”
2. Streamlined digital documents and approvals
At SeedLegals, we generate all your approvals and resolutions automatically on the platform and allow digital signing, so this will never hold up the process.
“It was really slick,” says Ben. You can generate all the resolutions and approvals needed at the click of a button, as it automatically pulls through all of the cap table numbers, and can be changed in seconds if necessary – no need for multiple new versions of the document before things get signed.
3. Attention to detail
As well as providing a range of simple online tools to help founders easily close their funding rounds, our dedicated support team is always on hand to guide you through the process.
“When we were closing the deal, the SeedLegals team helped get everything done really quickly,” says Ben. “They even spotted some things we’d done wrong. Their support and expertise was really valuable. It made the whole experience feel really easy.”
Clarity Stack closed their £1.79 million round in just 48 days, thanks to SeedLegals.
“It’s been massive for the business,” says Ben. “It’s allowed us to launch a US office which opens up a whole new market. And we’ve been able to expand our tech team so we can accelerate our product roadmap and make our offering more scalable and automated.”
Reflecting on the experience, Ben’s pleased he chose SeedLegals.
“Raising funding is hard work. So it’s been great to have such a smooth and easy time on the legal side of things. If we’d gone the old fashioned way of using lawyers, it would have taken longer and cost much more. Now we’re in a great position to grow to our next round of funding.”
Check out their website here 👉 https://claritystack.com/
*We’ve estimated the money saved on legal fees by comparing the cost of using SeedLegals with the cost of using a law firm which, according to our research, will charge an average fee of 0.85% of the amount raised.
Book a call with one of our funding experts to see how we can help.