Estonian startup Avokaado raises €1.2M for AI-upgrade to contract management

Avokaado, a legaltech startup, is changing the face of contract management with automation. 20,000 users in, it's ready to introduce AI to its offering backed by €1.2M funding.
Estonian startup Avokaado raises €1.2M for AI-upgrade to contract management

Simplifying contract creation and management is no easy feat, but Estonian-based startup Avokaado is one of the legaltechs streamlining the process. By automating document and contract management the firm has garnered a user base of over 20,000 across the Baltics, Nordics, and the US - it includes BITĖ Group, TV3 Group, Radisson, Tele2, Coolbet, and Starship amongst that line-up.

“Central to our ethos is the profound belief that legal operations are not standalone functions but integral components of broader business processes. This perspective has been the cornerstone of our development approach, with a strong emphasis on data and business process automation as foundational principles,” says Mariana Hagström, the founder and CEO of Avokaado.

Next up the Tallinn-based company, founded by former attorney-at-law Hagström and serial entrepreneur Jean Mauris, is set to introduce an AI-ready upgrade to the automation service. This new feature will allow static text to become ‘living documents that respond to changing conditions, trigger actions, and seamlessly integrate with other systems’. To fuel this upgrade Avokaado has raised a €1.2 million funding round which was led by Tera Ventures.

“Avokaado's innovative approach to business operations automation and its commitment to transforming the legal tech landscape align perfectly with Tera Ventures' vision of supporting groundbreaking solutions that redefine industries. The company’s readiness to embrace current AI capabilities, coupled with its innovative approach leveraging aDoc’s structured and dynamic nature, promises a transformative shift in how organisations are managed and operated,” says Andrus Oks, the founding partner of Tera Ventures. 

Lead image via Avokaado. Photo: Uncredited

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