Ukrainian startup raises $1.1 million in Silicon Valley to “commoditize legal services”

AxDraft, a Ukrainian document automation startup, has raised $1.1 million from a pool of US investors. According to Ukrainian tech blog AIN.UA, these investors included the online VC firm FundersClub and their affiliate FCVC, SCM Advisors, as well as Nick Bilogorskiy, Matt Macinnis, Ragnar Sass and a few other individual investors from Silicon Valley.

In an exchange with Ukraine Digital News, Zaremba confirmed the transaction. The startup was valued at $10 million – an important amount from a Ukrainian standpoint, and “seven times as much as the previous valuation three weeks ago.”

At that time, AxDraft secured $150,000 from Y Combinator as it was enrolled in their acceleration program, in exchange for a 7% stake.

AxDraft, founded just a year and a half ago, sees its mission in “relieving lawyers from routine work and commoditizing legal services.” Its website claims that legal documents can be drafted “70% faster” and that these documents “must be so perfect that it amazes even the most indifferent person.”

Among AxDraft’s clients are such corporations as British-American Tobacco and Carlsberg. However, AxDraft also serves smaller companies and startups.

Sources: AxDraft, AIN.UA (1, 2), CrunchBase

Topics: Finance, International, Legal, News, Software, Startups, Venture/Private equity
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