Avokaado, a contract lifecycle management platform (CLM) out of Estonia, has secured €700,000 in pre-seed funding to continue expanding across Europe and into the UK.
Avokaado is an all-in-one tool for managing document workflow within teams. Mariana Hagström, a former attorney-at-law and managing partner at a law firm, started the company in 2016 to solve the clunky, inefficient processes around contracts. Today the platform helps legal, HR, and sales departments across all sectors, not just law firms. “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,“ says Mariana Hagström, Avokaado’s founder and CEO. 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. Currently the Tallinn-based company currently serves law firms and corporations in its home region, Norway, Sweden, Poland and Belgium. With the new funding, the startup plans to launch a trove of global open-source contract templates, with a marketplace aspect so that legal service providers can upload and sell new ones for others to use.
Hong Kong’s ParticleX came on as a strategic investor. The round also includes €344,000 raised through the investment platform Funderbeam, which recently secured a trading license in Estonia to continue EU operations after Brexit.
Photo: Avokaado team, with founder Mariana Hagström on the left