UK-based Legislate just secured $3.6 million in funding in a round led by London-based Parkwalk Advisors that backed Quantum Motion and Flusso alongside participation from Oxford Capital and several high-profile angel investors.
Until now, the company was focusing on creating a solution for startups and scaleups. With the new funds, it is in plans to double down on UK sales and prepare for international expansion in 2023.
“We are delighted to have secured additional funding capable of helping us continue to drive innovation in this sector. The grant of our second patent last year has put our technology in an extremely strong position coming into 2023 – we’re making it easier for businesses of all sizes to create and manage complex contracts quickly and in a way that allows them to extract and aggregate data afterwards. We’re looking forward to what we can achieve this year as we focus on our sales capability”, commented Charles Brecque, Founder and CEO of Legislate.
“Legislate has developed a unique solution to simplify contracting for SMEs and mid-market businesses in a way that scales. We’re confident that they are well-positioned to take a significant portion of the market. Their focus on making contracts machine-readable is particularly impressive and we believe it has the potential to be a game-changer in the industry,” commented Claire Pardo from Parkwalk Advisors.
“We are proud to back Charles and the team in their mission to use tech to revolutionise contract creation and management. Investing in Legislate is investing in the future of machine-readable contracts. Their patented Knowledge Graph system sets them apart from other technologies and makes it simple for people without legal training to access contracts created by lawyers and manage them effectively,” commented Stephen Hampson, Investment Director at Oxford Capital.
Simplifies contract creation for landlords and agents
Founded in 2020 by Charles Brecque, Legislate aims to simplify lengthy contracting processes. It reduces the time spent in creating contracts for small businesses, landlords, and letting agents by providing templates that can be altered depending on individual business needs. Reviewed by legal professionals, these templates will save small businesses around 3 hours per contract.
With its proprietary AI-based knowledge graph technology, Legislate streamlines the entire process of contract creation and aggregates data to unlock insights. It provides lets anyone in the business search for information across an entire database of contracts. Lgislate’s technology ensures that contracts are first made machine-readable. It also allows business users to easily compare, create, query, and sign every contract without the need for outside legal involvement.
In addition to this, the company was granted the second US patent for semantic document generation in 2022. Customers primarily use Legislate for employment, consultancy, internal contracts, and terms of business agreements.
