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...
Lunio approached SeedLegals looking for a fast and simple solution to handle their fundraising legals. We helped Lunio close a £2 million round in 15 days and save over £13,000 in legal fees.*
The elevator pitch 🚀
Lunio is an automated marketing security platform that protects web analytics and revenue from invalid and fraudulent web traffic.
The company was co-founded by Neil Andrew (CEO), Segev Hochberg (COO) and Alexander Winston (CBO) after finding that invalid web traffic was causing issues with client campaigns at a performance marketing agency they previously ran together. Lunio launched in 2018.
The challenge: Raising seed funding while staying financially lean 💵
Startup founders are often concerned about immediate cash flow, and rightly so. For Lunio, legals was one area where costs had to be carefully managed.
“We were about to raise our seed round and had absolutely no idea how the legals would work,” says Neil Andrew, CEO and co-founder of Lunio. “As a very small business at the time, keeping costs down was vital. And paying for a lawyer to review everything was just far too expensive.”
So Neil turned to their investors, Fuel Ventures, for advice.
“We were looking for a solution that would make things both easier and cheaper than hiring a traditional law firm. Our investors immediately recommended SeedLegals due to having a good experience with them in the past.”
A call was arranged, and Neil and his team realised that SeedLegals could help reduce both the complexity and cost of the legal side of fundraising.
“SeedLegals have worked with so many startups like ours, that they have an incredible amount of knowledge,” says Neil. “And the price is significantly lower than using a traditional law firm. So we were confident to go ahead and use the service.”
How SeedLegals helped 🌱
1. Speed
No founder likes to spend too much time fundraising.
“Fundraising is a big distraction when you want to be focusing on the business,” says Neil. “So one of the most important things for us was speed.”
Fortunately, SeedLegals makes the whole process quick and easy – from generating founder agreements to creating and managing employee option schemes.
“Going from term sheet to close took us just a few days, with virtually no stress attached! If we’d used a traditional law firm we’d no doubt have waited much longer.”
Speed is always important for early-stage businesses, and saving unnecessary legal time can help keep momentum, which is crucial especially in the current environment. Neil’s top tip is to not “spend too long perfecting your MVP before actually selling! At an early stage you’ll always be tight for cash, so get selling ASAP. If your idea is really strong, you’ll find some prospects actually willing to pay you to develop it”.
With SeedLegals you can add in specific provisions for your investor throughout the document in one simple click – over 40 investors and VC funds already have their provisions already in the platform with more being added regularly, including the Fuel Ventures wording, saving endless back and forth to get it exactly right.
2. Simplicity 🪶
SeedLegals has been designed to be so simple that you don’t need a law degree to use it.
“We were initially cautious about not handing the job over to a lawyer,” says Neil. “But it turned out to be so easy to create the required documents, things like creating a term sheet literally take a few minutes. Plus you’re always just a chat away from their helpful support team.”
Being simple doesn’t just make fundraising more accessible to founders. It’s another reason why it’s so quick to close a round with SeedLegals. Our documents have been used in over 2000 funding rounds – so you know you are in safe hands.
“Closing out the fundraising process could only be done so quickly due to the ease of using SeedLegals. It’s just so simple. Without the extra complexity, it freed up our team to focus on what we wanted to be doing – growing our business.”
The impact: Unlocking the next stage of our growth 📈
Lunio closed its £2 million round in just 8 days, thanks to SeedLegals.
“We’ve grown massively since taking our seed funding round,” says Neil. “Our revenue has increased over 5x since we closed, we’re serving thousands of clients across more than 100 countries, and the team has grown from 8 to 34.”
The team’s growth has been impressive.
“We’ve also significantly advanced our product with a total tech rebuild, and a rebrand (from PPC Protect to Lunio) to top it all off! It’s been hard work, but the funding has allowed us to unlock the next stage of our growth.”
And Lunio’s just getting started…
“We have multiple exciting new products in development that we’ll be launching over the next few years to bring even more value to our clients across all areas of their marketing, sales and BI functions. We’ll continue to solidify our position as a market leader in the ad fraud prevention space.
Neil and his team tell us that they’ve other “top-secret news” coming out in the next few months, so keep an eye on this exciting company!
Check out their website here 👉 https://lunio.ai/
*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.
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