How Baltic Ventures is driving success for regional founders using SeedLegals
Baltic Ventures is an accelerator supporting game-changing regional startups. Find out how they help their founders get...
A hard deadline required the Correcto team to secure funding quickly and efficiently. SeedLegals helped close their first pre-seed round in 32 days – half the time of an average round of this size.
The elevator pitch 🚀
Correcto is a SaaS platform that enhances language and spelling. It provides real-time writing correction solutions in Spanish, making written communication instantly flawless.
The company was co-founded by Ignacio Prieto and Abraham Lopez, who together understood that one of the biggest hurdles facing Spanish speakers looking to get a high paying job was the level of written communication. Correcto launched in October 2021 to address this problem.
The challenge: A hard deadline to close the round 📅
Founders are often keen to raise funds as quickly as possible. But for Ignacio and Abraham, time really was of the essence.
“Our main challenge was time,” says Ignacio. Kicking off the round on 18 November, “We had a deadline of 31 December to finalise the round. And considering so many people are on holiday during the last week of December, timing everything right was our biggest challenge.”
Despite the busy time of the year, the team at SeedLegals were able to help them get things over the line by their deadline.
“SeedLegals worked with us around the clock,” says Ignacio. “Our account managers, Alex and Katy, were always there when we needed them.”
How SeedLegals helped 🌱
1. Clarity and control
At SeedLegals, we don’t expect founders to be legal experts. But we do know that founders want to understand and feel in control of the fundraising process.
“I was impressed with how clear everything was,” says Abraham. “Although we didn’t have the knowledge of a lawyer, we never felt like we weren’t in control. SeedLegals helped us feel confident throughout the whole process.”
And it wasn’t just the Correcto team who felt confident.
“One of the best things about using SeedLegals was that we could access the platform from anywhere. So we could check documents and other information on the move. We used it to show investors the cap table and contracts when we saw them, and I think that gave them an extra boost in confidence investing in us.”
With SeedLegals, you can sign any documents – including your Shareholders Agreement or employment contracts from anywhere – no laptop needed! You can also share your Term Sheet with new investors at the click of a button, saving even more time.
2. Availability
Maintaining a healthy work/life balance is a common challenge for founders. No day is the same and plans can change from one minute to the next. So we make sure that our team’s always available to help when you need them.
“Sometimes it felt that SeedLegals worked 25 hours a day, 8 days a week,” says Ignacio. “We were always able to speak to someone and they explained everything perfectly, so we always knew what was going on. Not only did it reduce the stress on our end, it also meant we never had to keep our investors waiting if we had to ask the SeedLegals team a question first.”
We’re pleased to hear that our service left a lasting impression on Ignacio and his team.
“Not only did the availability make us satisfied with the experience, it made us confident too. I think it’s fair to say that we’d be very happy to work with SeedLegals again in the future.”
At SeedLegals, our unlimited support is often what founders find to be the best thing about working with us. With responses in under 10 minutes from experts, we are always here to help. Read what others think of our Customer Service here.
3. Peace of mind
It’s important to know that you’re in good hands when you’re up against a fixed deadline.
“It was crucial to get this raise right,” says Abraham. “So it was really important for us to work with a company that we could trust. Fortunately, our lead investor recommended SeedLegals.”
Once the work began, it quickly became apparent that the founders’ choice of legal partner had paid off.
“We didn’t know much about SeedLegals when it was recommended to us. So I think we had a slight hesitation to start with. But once we signed up, everything went very smoothly and we were really happy.”
The impact: Growing to reach a much larger market 🌎
Correcto closed its round in just 32 days, thanks to SeedLegals. And the impact has been felt already.
“The impact of using SeedLegals to close the round by the deadline has been massive,” said Ignacio. “We’ve been able to invest in our product development. And that’s already allowed us to fully monetise our clients and diversify our offering and revenue.”
Of course, funding is often used to expand the core team. And for Correcto, this was no different.
“We’ve built an elite team that fully understands our mission and its value for the world,” says Abraham. “Now we can bring cutting edge solutions to our industry, grow our market share and create future innovations that will change the future of communication.”
And while the team’s been focused on the Spanish market until now, their future aspirations are much bigger.
Correcto’s interface provides clear and easy to fix spelling and grammar corrections to improve their clients’ written communication skills.
“I can’t stress enough how big and powerful the Latin American market is,” said Ignacio. “Our product can make a big difference for millions of people there. So we want to move into this market quickly and make a big impact.”
Correcto’s goal is to secure their first Latin American client by the end of 2022. Given how effective they seem to be at meeting end-of-year targets, we’re confident that they’ll be successful!
Check out their website here 👉 Correcto
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