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Estonian legal tech Avokaado bags €1.2M for their AI-powered contracts

Avokaado founders
Picture credits: Avokaado

Estonia-based legal tech startup Avokaado has successfully secured €1.2 million in funding, led by Tera Ventures. The company is also gearing up to unveil its latest AI-ready upgrade, set to revolutionise contracts by transforming formatted text into self-executing sets of invaluable data. The company already boasts a user base of over 20,000, including executives from major players in the telecom, retail, hospitality, and finance sectors.

AI-ready doc

The recent funding injection will be used to fuel the company’s expansion into new markets and verticals. Avokaado’s latest innovation is centered around a document format called aDoc, seamlessly combining clauses, metadata, workflows, and lifecycle management into a unified document structure. This advancement transforms contracts into intelligent entities capable of automating processes, tracking changes, and flexibly adapting to various scenarios.

By integrating aDoc into the AI-ready upgrade, Avokaado empowers organisations to elevate contract management to unparalleled levels of efficiency, accuracy, and security. Contracts are no longer confined to static text but metamorphose into dynamic living documents, responding to changing conditions, triggering actions, and seamlessly integrating with other systems.

Avokaado was founded by Mariana Hagström, a former attorney-at-law and managing partner at a law firm, and Jean Mauris, a serial entrepreneur known for building exceptional SaaS products. In 2020, Hagström earned recognition in the entrepreneurship category at the European Women of Legal Tech awards.

“Avokaado is one of the solutions we use to contribute to the sustainability goals of Bitė. Avokaado has made our company’s life incomparably easier in the B2B customer segment and improved the process of concluding contracts. The solution not only helps our customers, partners, and society to operate more efficiently, but also helps to fulfill the environmental sustainability goals,” commented Bitė lawyer Migle Poderytė.

“In an era of rapid technological progress, where AI and automation set the pace, we are ideally positioned to embrace this transformative wave. Just as Estonia’s agile approach positions it as a leader in digital transformation, Avokaado is primed to be at the forefront of this change, propelling us into an exciting future. Tera VC is the perfect catalyst to lead the way,” said Mariana Hagström, the founder and CEO of Avokaado commented. 

“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,” Hagström added.

Codeless AI infrastructure company Pixis, empowering brands to optimise performance marketing has announced to have successfully concluded its series C1 funding round, securing $85 million funding. Touring Capital led this funding effort, propelling Pixis’ total capital raised to a notable $209 million. 

Distinguished investors, both new and existing, joined this funding initiative, with notable names including Grupo Carso, General Atlantic, Celesta Capital, and Chiratae Ventures. 

The funds acquired will be strategically utilised to bolster Pixis’ AI capabilities, expedite its global expansion, invest in vital R&D efforts to refine and launch a generative AI-powered creative studio, and establish essential product and business partnerships.

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