Estonian legal tech startup Avokaado secures €1.2M led by Tera Ventures
Tallinn-based Avokaado, a company providing a contract lifecycle management platform for law firms m has secured €1.2 million, led by Tera Ventures. The company also aims to release its newest AI-ready upgrade, Tech.eu reported.
- Launched in 2016, Avokaado provides digital workspace for data-driven contract lifecycle management (CLM) which empowers companies to maintain a single source for all their contracts and data on a single platform. Additionally, Avokaado’s proprietary document format combines context and data to facilitate the generation of self-executing contracts and ultimately, a transactional layer for smart contracts.
- Avokaado has over 20,000 clients from the Baltics, Nordics, and the US, and include major telecoms, retail, hospitality, and finance enterprises such as BITĖ Group, TV3 Group, Httpool, Radisson, Tele2, Veriff, Coolbet, Starship, Ramirent, and more. The startup claims its solution also help to fulfill the environmental sustainability goals.
“Our mission to rewrite the Contract Management game with cutting-edge AI and automation got a significant boost to take our platform to new heights. Together, we’re fueling innovation and empowering businesses with smart contract solutions,”Avokadoo’s team commented.
- The fresh round was led by Estonian equity fund Tera Ventures, that supports digital startups from Baltics, Scandinavia, and the CEE. In May, the fund together with local EstBAN participated in the selection of the winners of Latitude59 Pitch Competition 2023.
- The investment will further fuel the company’s expansion, growth initiatives, and product and aDoc development advancement.