Goteborg, Sweden-based digital contracting platform, Precisely, has raised €1.8M in a fresh round of funding led by Amsterdam-based venture capital fund Peak Capital. This investment in Precisely, marks the fund’s first investment in the Nordics.
Use of the capital
Precisely will use the investment to expand its team, further develop its product and accelerate international growth. “We are excited to partner with Peak Capital as they understand our potential and have a successful track record of scaling European companies. We are prepared to scale rapidly, and even though the round just closed, we have already secured several key hires in our growth team,” says Precisely founder and CEO Nils-Erik Jansson.
Peak Capital’s David Zwagemaker believes, “There is a long way to go in the journey to automate more legal processes. Precisely’s product is ready for a bigger audience. We are ready to help them take the next step.”
What does Precisely do?
The company was founded in 2014 by Nils-Erik Jansson. Precisely is a legal tech company that is AI-powered and created to improve and automate legal processes by moving the whole contract workflow into a single digital contracting platform.
“As a former business lawyer, I know all about the pain of handling contracts manually,” says Nils-Erik Jansson. “That’s why we built Precisely: to help legal teams decrease their time spent on the contract lifecycle by 80 per cent. Precisely improves their full contract workflow: from drafting to negotiating, to signing and managing contracts.”
Precisely has acquired a wide variety of customers spanning from SME’s to enterprises, mostly across Europe and in the US. It serves over 200 clients worldwide. “We focus primarily on legal teams, not on law firms. Our clients use our software to manage contract workflows for HR, sales, and procurement, to name a few examples.” According to Jansson the product is built for enterprise clients but has also seen adoption by smaller companies that operate digital-first.
About Peak Capital
Amsterdam-based Peak Capital is a European investment fund founded and funded by experienced entrepreneurs. Peak Capital offers smart venture capital to European fast-growing early-stage marketplace, platform, and SaaS companies.
Peak Capital manages €84M and has made 28 investments to date including IENS, which was sold in 2014 to TripAdvisor; Radionomy, which was acquired in 2015 by Vivendi; and CheapCargo, which was purchased in 2016 by PostNL.
Speaking about the services provided by Precisely, and with a background in law, Peak Capital’s David Zwagemaker says, “Since I worked in law over ten years ago, there has been relatively little innovation in the legal market. A decade has passed, but lawyers still operate the same way using paper or – at best – sending Word documents back and forth. There is a massive opportunity to improve process efficiency and Precisely is well-positioned to capitalise on this.”
Earlier this month, Peak Capital’s portfolio company Flinders (a premium furniture retailer) got acquired by Nine United, a privately held family of companies. This acquisition was Peak Capital’s first exit in 2021.
Prior to that in December 2020, Peak Capital and 500Startups lead the funding round for Amsterdam-based startup Stack that offers the first tab-less web browser.