Estonian legal tech startup Avokaado announced that it has raised €1.2M in funding led by Tera Ventures. The company says the funding will help it to expand into new markets and verticals, and further fuel its growth initiatives and product development advancement.
Avokaado’s platform helps businesses create and manage various documents and contracts with its all-in-one toolbox. It allows teams and businesses to automate, negotiate, and eSign contracts.
Contract with confidence
With the platform, the company aims to empower its growing user base, which includes operations managers, sales and legal professionals, contract managers, and business executives, to “contract with confidence.”
“Just as Estonia’s agile approach positions it as a leader in digital transformation, Avokaado is primed to be at the forefront of this change, propelling us into an exciting future,” says Mariana Hagström, the founder and CEO of Avokaado.
Hagström believes Tera VC is the perfect catalyst for the company’s development, as it is renowned for its expertise in nurturing early-stage startups with 15 years of experience. The company has played a pivotal role in elevating entrepreneurs across the New Nordic region to the global market.
Andrus Oks, founding partner of Tera Ventures, says that Avokaado’s innovative approach to automating business operations and its commitment to transforming the legal tech landscape are in line with Tera Ventures’ vision of supporting groundbreaking solutions that redefine industries.
“The company’s readiness to embrace current AI capabilities, coupled with its innovative approach leveraging aDoc’s structured and dynamic nature, promises a transformative shift in how organisations are managed and operated,” Oks says.
Innovative product development
Avokaado’s platform combines robotic process automation (RPA) and end-to-end workflow management to automate document-related tasks, including contracts, across all organisational functions.
This can help businesses free up hundreds of hours of manual work to increase productivity, boosting efficiency by up to 80 per cent. Its tools can support people operations, revenue operations, procurement, and legal and compliance.
Avokaado’s platform has a growing user base of over 20,000 businesses worldwide, with client pools from the Baltics, Nordics, and the US. The list includes significant telecoms, retail, hospitality, and finance enterprises such as BITĖ Group, TV3 Group, Httpool, Radisson, Tele2, Veriff, Coolbet, Starship, and Ramirent.
“Avokaado has made our company’s life incomparably easier in the B2B customer segment and improved the process of concluding contracts,” Bitė lawyer Migle Poderytė says. “The solution not only helps our customers, partners, and society to operate more efficiently, but also helps to fulfil the environmental sustainability goals.”
To further innovation, Avokaado is currently developing an AI-ready upgrade to its contract management platform, transforming contracts from formatted text to self-executing sets of valuable data.
aDoc is the cornerstone of this innovation. It is a cutting-edge document format that combines clauses, metadata, workflows, and lifecycle management into a unified structure.
aDoc transforms contracts from static text into intelligent entities that can automate processes, track changes, and adapt to various scenarios. This allows organisations to take contract management to a new efficiency, accuracy, and security level.