Estonian legal tech Avokaado raised €1,2M
Estonian legal tech Avokaado raised €1,2M. The lead investor was Estonian venture capital firm Tera Ventures.
Founded in Tallinn in 2016 by Mariana Hagström and Latvian entrepreneur Jean Mauris, Avocaado offers a Contract Lifecycle Management (CLM) platform where the company team can manage contracts, such as initial contracts, purchase orders, employment-related documents, and termination agreements, faster and more efficiently. Avocaado's solution can be integrated with CRM platforms, including Salesforce, HubSpot, and Pipedrive. It allows users to send notifications depending on the contract date, automatically renew a contract, and ensure compliance with regulatory requirements.
In addition, the company uses the document format aDoc, which allows clients to manage document metadata and legal content and integrate data and workflows with existing systems. The structured data format of aDoc is the base on which Avocaado will develop artificial intelligence applications. As a result, the clients can make the metadata and content of previously concluded documents machine-readable and visible and compare documents sent by external partners with those in databases.
Avocaado’s team consists of legal engineers and account managers. It has 20K users across the Baltics, Nordics, and the US. Among Baltic clients are Estonian gambling company Coolbet, Estonian provider of autonomous delivery services Starship, Estonian verification startup Veriff, and others.
The startup will use the investment to introduce AI technology in its contract management solution. According to the company, the new feature will allow static text to turn into “living documents that respond to changing conditions, trigger actions, and seamlessly integrate with other systems”.
Tera Ventures is an international investment firm based in Estonia. The founding partner is Andrus Oks. Currently, it invests out of €45M second fund in startups from Baltics, Denmark, Sweden, Finland, Poland, and the Czech Republic. The recent investments were Estonian Flowstep -UX library, consisting of recordings and screenshots of top applications such as Airbnb, Klarna, Spotify, etc., Estonian virtual card that splits bills Cino, Tallinn-based food tech Äio.
