Estonian LegalTech startup Avokaado raised €1,2M in a round led by Tera Ventures. This financing comes as Avokaado gears up to AI-ready upgrade and transform legal contracts from static texts into dynamic, self-executing entities enriched with valuable data. The round will support the company’s expansion to new markets and verticals.
A new spin on documents
Founded in 2016 by Mariana Hagström, a former attorney-at-law, and Jean Mauris, a serial entrepreneur with a track record of building great SaaS products, Avokaado offers contracting and document automation software tailored to medium-sized organisations and enterprises. This innovative platform combines document robotic process automation (RPA) with end-to-end workflow management, saving organisations countless man-hours and increasing productivity.
Avokaado has become prominent, with over 20,000 users across major industries, including telecom, retail, hospitality, and finance giants. Clients include companies like BITĖ Group, TV3 Group, Httpool, Radisson, Tele2, Veriff, Coolbet, Starship, Ramirent.
The heart of Avokaado’s latest innovation lies in its cutting-edge document format known as aDoc. It seamlessly combines clauses, metadata, workflows, and lifecycle management into a unified structure, turning contracts into intelligent entities capable of automating processes, tracking changes, and adapting to diverse scenarios.
With the integration of aDoc, Avokaado wants to simplify and speed up legal processes. Contracts will no longer be static documents but living entities capable of responding to changing conditions, triggering actions, and seamlessly integrating with other systems.
“In an era of rapid technological progress, where AI and automation set the pace, we are ideally positioned to embrace this transformative wave. 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. Tera VC is the perfect catalyst to lead the way,” said Mariana Hagström, the founder and CEO of Avokaado.
Andrus Oks, the founding partner of Tera Ventures, expressed his enthusiasm for Avokaado’s innovative approach: “Avokaado’s commitment to transforming the legal tech landscape aligns perfectly with Tera Ventures’ vision of supporting groundbreaking solutions that redefine industries. The company’s embrace of AI capabilities and innovative use of aDoc’s structured and dynamic nature promises a transformative shift in how organisations are managed and operated.”
Another part of the equation is environmental. By using interactive, dynamic document formats, organisations bring their ESG goals closer. Its positive impact on sustainability has been recognised by Migle Poderytė, lawyer at BITĖ, who said: “Avokaado has made the process of concluding contracts hugely easier in the B2B sector, assisting our customers, partners and society. It not only makes operations more efficient but also supports our environmental sustainability goals.”
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