The startup fundraising process can be a lot faster than you think. Thanks to advances in automation and machine learning, it’s now possible to meet an investor in the week before Christmas, and have your investment tied up with a bow in time for turkey dinner.
It used to take up to three months, while the lawyers from multiple sides – the company, the lead venture capitalist, and any other investors on the term sheet – would embroil themselves in a lengthy, complex and often expensive ruckus.
Thanks to dramatic advances in legal technology – this is all set to change. BrushBox, the UK’s first toothbrush subscription-box service closed their first investment in seven days.
Mike Donovan, Brushbox founder comments “We raised £250K from friends, dental experts and angel investors, including international rugby star and commentator Martyn Williams MBA. It was really important to have the legals make sense for everybody and not take up everyone’s time. SeedLegals made it super quick, painless for everyone involved – just a great way to do it.
We’d heard that SeedLegals had automated the funding process and could dramatically shorten the time it takes to complete a round from months down to days. We were keen to get started and were thrilled to complete just seven days later!”
If you have an idea you’re hoping to get off the ground, you too could have contracts signed, sealed and delivered in a matter of days.
