City law firm Fieldfisher has invested in “game changer” technology that helps investors and start-ups conclude deals quickly online.
SeedLegals, which describes itself as “the world’s first automated legal service for start-up funding rounds”, advised start-up companies chosen to join the Mishcon de Reya technology incubator MDR LAB earlier this year.
The company has conducted its own £1m funding round using the platform.
Its publicity material said: “SeedLegals allows founders and investors to create all the legal documents they need to build their company and close their funding round, online, in minutes from any connected device.
“Our platform integrates every component of a funding round into an automated process, shrinking funding round time frames from the three month industry average to a matter of days.”
Pricing ranges from £19 per month for a ‘team plan’, including ‘founder and hiring agreements’, to a fixed fee of £1,100 for a ‘close round’ after the start round is completed. Payable on completion, the product includes a dedicated legal adviser.
Its co-founder, Anthony Rose, managed the launch of the BBC’s iPlayer. Fellow co-founder Laurent Laffy was a founding investor in Lastminute.com.
FieldFisher – which has over 1,000 people across 17 offices in the UK, Europe and elsewhere – lists employee ownership as one of its specialisms.
Tim Bird, a partner in the corporate team, said: “SeedLegals is an efficient and cost-effective way for start-ups to manage their legal documentation.
“At Fieldfisher we know the sector is changing, and we need to adapt to provide clients with the best and most effective tools. As such, we are always looking at news ways to innovate.
“When I saw the product in action, I knew it was something that would be of great value to clients and it made sense for us to invest in the platform…
“Anthony knows how digital works and what audiences want, I think this is a game-changer for the corporate legal world.”