Fundraising, Growth, Press release
Paris-based legaltech company Closd raised 600,000 € from business angels in the legal and tech sectors; it will offer its services for free until the end of April to help law firms and companies get through the crisis.
Created by former business attorneys, Closd aims to simplify, digitize and secure the practice of legal counsels and their clients through a collaborative transaction management platform. Closd allows stakeholders to easily manage legal transactions from end to end (data room, workflow management, electronic closing, bibles and archiving) through a new 100% digital experience featuring an intuitive interface.
Closd announced today that it has raised 600,000 € from investors in the legal and technology sectors, specifically Eric Larchevêque, co-founder of Ledger, the Spanish firm Cuatrecasas, and the French firms LPA-CGR and Orion. This funding will allow Closd to accelerate its growth in Europe and to escalate the development of new features.
Eighteen months after its creation, Closd helps more than 70 law firms and companies in 4 countries carry out their legal transactions. More than 5,000 users have completed more than 800 transactions of all types (corporate, finance, real estate, commercial agreements, litigation, etc.) on the platform. Closd’s ambition is to transform the legal practice and to create a new market standard for the management and execution of legal transactions.
In the context of the Covid-19 pandemic, Closd is committed to supporting businesses and to mitigating the deceleration of business activities. The legaltech company will make its services available for free until the end of April to allow law firms and businesses to organize themselves quickly to face the crisis.
“We are happy and proud to have finalized this fundraising effort with people who bring us real legal and tech expertise in addition to funding. Together, we will transform the way businesses make deals. It is now essential to digitize and automate these transactions, which are of paramount importance to companies, and to allow legal advisers to focus on their expertise rather than on the processes involved,” explained Grégoire Debit, CEO of Closd.
“In these circumstances, it felt normal to show solidarity by offering our solution for free to those who need it. We hope that the activity will carry on as much as possible, and that Closd can be useful in this respect, since it allows transactions to be completely dematerialized” according to Nathaniel Merino, Managing Director.