Deb McGargle, chief legal officer at SeedLegals gives her best tips for business. Her top tip: work on building the best product you can, rather than just looking for money.
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.
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.
Each year UK Business Angels Association identifies the best new emerging funding models, products and services bringing value to the angel and early-stage investment market. We're excited to be named in the top 8 as Best New Entrant to the Angel Ecosystem 2017. Check out the full UKBAA Awards Shortlist 2017
Each year Marketing Week identifies the Top 100 Disruptive Brands , the young brands that could be disrupting your world. Intended as a resource of insight and inspiration, the companies chosen are innovative in their use of technology, imaginative in adapting to societal shifts and employ structures and models that break convention.
SeedLegals is delighted to be named amongst this year's cohort.
UK law firm Mishcon de Reya has today named the six companies it has selected to participate in its technology incubator, MDR LAB. They were selected following a pitch day at the firm’s London headquarters on 25 April, where 19 companies presented their products and ideas.
MDR LAB was launched in January, in conjunction with innovation specialists and investors L Marks, with applications open to early stage and growth technology start-ups.
All will have access to Mishcon de Reya lawyers and other business experts from inside and outside the firm for advice, mentorship and education. Two of the selected companies are based in the UK, with the other four coming from Germany, the US and India.
The team behind MDR LAB has also announced that it has welcomed SeedLegals as a partner to the programme, to further support the participating companies.
Below is a list of the participating MDR LAB companies.
Everchron is a US-based company founded by former litigators. The company’s collaborative litigation management software puts case critical information and analysis at lawyers’ fingertips. With its intuitive search interface, dynamic key document chronologies, and automatically generated witness files, lawyers can quickly find relevant information and communicate it to team members wherever and whenever they need it. Secure, intuitive, and intelligent, Everchron is built to handle cases of all sizes, including the most complex and large scale litigations.
An exciting start-up at concept stage, Orbital Witness was founded this year to deliver actionable insights from satellite imagery for use by real estate lawyers. Its product provides customers with historical images of a site, a vast improvement on old image sources such as Google Earth. Orbital Witness can automatically scour cloud-based imagery from commercial satellite operators and space agencies, and use machine learning techniques to analyse the imagery in conjunction with existing real estate datasets to solve clients’ queries and innovate in real estate practice.
Founded in 2016, Ping is based in the US. Its product, which automates timekeeping for lawyers and provides data analysis for law firms, is at user stage. Lawyers lose up to 20% in billable time, and law firms lose critical data, as a result of lawyers manually timekeeping. Ping’s solution eliminates the need for lawyers to keep track of time. This ensures that firms capture more billable hours and can capitalise on the accurate data that it collects.
Founded in 2013, SaltDNA is based in Belfast with 17 staff. Its product is at user stage, and revenue generating. SaltDNA provides a fully enterprise-managed software solution that enables absolute privacy in mobile communications. It is easy to deploy and uses multi-layered encryption techniques to meet the highest of security standards. The SaltDNA Desktop and Mobile apps are intuitive and easy to install and use. The SaltDNA Communication Manager provides a console for tight management of users and can be configured for the management of regulatory (i.e. FINRA, HIPAA and MiFID) compliance.
Founded in 2015 and based in India with 12 staff, Surukam’s product is at user stage and the company is revenue-generating. It provides artificial intelligence powered solutions for the automation of contract management, with minimal human intervention. Designed and developed by its AI and contract experts, Surukam’s platform, CruxIQ, is based on the principle of predictive analysis, and can assist in automation of contract extraction, redlining contracts and deviation analysis.
Founded in 2015 and based in Berlin, synergist.io provides a secure cloud service to automate the negotiation of contract terms, allowing customers to draft, negotiate and sign contracts without redlines or email. synergist.io shortens deal cycles by automating contract workflow, and intelligently guides users through contract negotiations. The synergist.io team are preparing to launch the first enterprise version of their contract automation platform.
Mishcon de Reya’s Chief Strategy Officer and Director of MDR LAB, Nick West, said: ‘MDR LAB is a key part of this commitment and we are really excited and encouraged by the calibre of our chosen participants. We look forward to welcoming them into Mishcon de Reya, and contributing to their development over the coming months.
Deb McGargle, chief legal officer at SeedLegals addresses the skills shortage and funding gap at Tech Nation 2017