Authorized tech startup SingleFile raised an extra $3.2 million to gasoline development of its know-how that acts as a registered agent and helps corporations file their annual studies with states.
“Authorities compliance is unavoidable and subsequently recession-proof,” mentioned CEO Aaron Finn. He mentioned the Seattle-based firm has grown income by 3X previously 18 months.
Legislation corporations reminiscent of Wilson Sonsini, Fenwick and Gunderson Dettmer use SingleFile to file formation paperwork with secretary of state places of work. For instance, when a brand new enterprise is created, a Certificates of Incorporation (often known as a constitution) is filed. As soon as the doc has been accepted and processed, the authorized entity is created.
Firms additionally use SingleFile to file annual studies in every jurisdiction the place it’s registered. Failure to file in a well timed method may end up in the corporate falling out of excellent standing with the state and, if not corrected, the corporate can lose its authority to conduct enterprise or develop into dissolved altogether.
SingleFile additionally works with different verticals reminiscent of enterprise capital, non-public fairness and actual property. Clients embrace Techstars, AngelList, Excessive Alpha Innovation and Pacific Present Companions.
Finn, the founder and former CEO of AdReady, joined as CEO in 2021. The corporate was based by former ProQuest exec Sean Flynn, who’s at present chief development officer.
SingleFile is a know-how companion for Wilson Sonsini Goodrich & Rosati’s startup platform, Neuron. The nationwide legislation agency can also be an investor and has backed different Seattle authorized tech startups together with Tangibly, which helps corporations defend their mental property, and Lexion, which helps legal professionals digest contracts utilizing synthetic intelligence.
SingleFile, which has 10 full-time staff, spun out of Seattle startup studio Pioneer Sq. Labs. It raised $3.3 million in August 2019, then tacked on an extra $2.1 million in August 2021. Whole funding to this point is $8.6 million.
The most recent spherical was led by its present buyers Foundry and PSL Ventures, the enterprise arm of Pioneer Sq. Labs. SingleFile’s largest legislation agency purchasers additionally participated.