Ukrainian AxDraft attracts $1.1mln in investments valued at $10mln

Ukrainian legal-tech startup AxDraft closed a round of funding to the tune of $1,110,000. The project was valued at $10 million during the round. The founder of the project, Yuriy Zaremba, shared the details with AIN.UA.

Who are investors

The deal is handled by FundersClub and their affiliate FCVC. SCM Advisors, an institutional investor, also participated in the round. Matt Macinnis (Inkling), Ragnar Sass (Pipedrive, Lift99), Nick Bilogorskiy and a couple of other angels from the Silicon Valley participated in the deal. The team closed the said round with valuation 7 times higher than the previous one three weeks after Demo Day in Y Combinator accelerator.

What do they do

AxDraft develops legal products for entrepreneurs and companies. AxDraft allows its clients to create a legal document by answering the key questions. You don’t have to prepare it from scratch. The program will generate the document based on available templates. The service is monetized through subscription.

Currently, the founders of the startup are in California. They are planning to use the money to expand the team and scale up in the U.S. market. For that, they need UI/UX designer and two sales managers with sales experience in the U.S.

In related news: AxDraft got into Y Combinator and received a $150,000 investment.