London-based StructureFlow has closed a $3.5 million pre-series A raise bringing its total seed funds to $8 million.
The round is led by UK-based venture capital firm Venrex with backing from several angel investors, including Chris Adelsbach and Tariq Khan from Outrun Ventures.
StructureFlow's software is used to add collaborative and visual workflows to complex corporate transactions, helping to map out deal structures, payment pipelines and disputes.
The software is making headway in the legal sector. StructureFlow says three of the UK's five leading Magic Circle law firms are already using the platform, in addition to several Am Law 100 firms in the US.
The take-up of collaboration tools has strengthened across the board as a means to reducing worker burnout, misunderstandings and the risk of mistakes.
Yesterday, Tech.eu tracked a collaboration software tool purpose built for hardware engineering (Flow Engineering), and the market may well have room for more niches.
Given the ongoing FTX narrative and earlier financial catastrophes from the 2008 crisis to the demise of US energy producer Enron, StructureFlow thinks there's a lot of pent up demand for IT that limits the fallout from bad financial management.
StructureFlow's software has been around since 2019 when it was introduced to market. The new funding will go to the company's product development plans, with a focus on expanding into North America.
Ultimately, the team wants the product to become the "gold standard for structuring and executing the world's transactions."
Tim Follett, CEO and founder of StructureFlow, stressed that locking down capital in this "extremely challenging environment" was an achievement.
Follett added: "Strong traction and our strength of vision have attracted forward-thinking investors.
"We will not rest until we have transformed the way people work on complex deals - moving the industry away from dense text to more visual ways of working.”