Avokaado, a contract lifecycle management platform (CLM) from Estonia, announces a €700K pre-seed round, including Hong Kong’s ParticleX as a strategic investor.
Avokaado was founded by legal tech innovator Mariana Hagström in 2016, after experiencing significant inefficiencies in service delivery during her extensive career as an attorney-at-law and managing partner at a law firm.
What initially started out as a DIY product providing access to a repository of legal documents has now developed into a comprehensive self-service automation tool for law firms and corporations who are looking to improve their in-house document workflow management. The CLM platform brings up to 80% of efficiency growth to legal, sales and HR departments, as reported by Avokaado’s existing users. Mariana Hagström, CEO of Avokaado, who was recently awarded in the entrepreneurship category of European Woman of Legal Tech 2020, said in a press release:
“Today, in the midst of digital transformation, with increasing pressure on budgets and a demand for legal operations at scale, we see the CLM becoming a single source of truth about corporate contracts and documents across all business units, much like the CRM systems have been for customer relationships for the past decade.”
With the new funding in place, the company is executing towards the immediate launch of an ecosystem of global open-source templates with a legal operations marketplace, underlying the self-service platform, and data-driven document management features in the pipeline – both bringing unique value to the existing document workflow management and powerful automation solutions.
The platform is gaining users among law firms and corporations in the Baltics, Norway, Sweden, Poland and Belgium, where the company is working towards rapid growth. Avokaado recently launched major partnerships with TELE2 and Swedbank, aiming to establish an extensive user base in the SME segment in the Baltics and then expand to other European countries and the UK.
The funding round included €344K angel investment through the global investment and trading platform Funderbeam, where Avokaado investment units became tradable from 22.02.21.