29 Jul, 2020, 11:00 ET
DENVER, July 29, 2020 /PRNewswire/ -- TermScout, a legal tech platform developed by lawyers to help legal and sales teams reduce the complexity and time required in the commercial contract review process, announced today that it has closed a $1.25 million Series Seed and a previous $350,000 convertible note funding round for a combined $1.6 million.
U.S. businesses sign billions of contracts each year, spending an average of $6,900 to review even simple, low-risk contracts1. TermScout offers contract review services using artificial intelligence, plus real human attorneys, for under $100 per contract.
The Series Seed round includes investments from Hilltop Venture Partners, Techstars, and EonCapital, and will be used to develop the contract review and comparison platform and launch a website offering free and premium information about the top 500 B2B SaaS contracts.
"We're so excited to see such strong interest and support from our investors to help us realize TermScout's vision," says Otto Hanson, CEO and co-founder of TermScout. "The world desperately needs a better way to make sense of the contracts we sign - what we're building will transform the contract review process for businesses and, eventually, for people, too."
Brad Greenwald, managing partner at Hilltop Venture Partners, shares why it invested in this round. "TermScout is working on a solution to one of the world's biggest unsolved problems - how to make sense of the billions of contracts that are signed by U.S. businesses every year. Their team has deep experience with this problem and includes one of the co-founders of a similar business in the healthcare space - Healthgrades."
The funding continues on the heels of a strong year for TermScout, where the company landed a coveted spot in the 2020 Techstars Boulder Accelerator program, completed the LexisNexis Legal Tech Accelerator, and signed its first enterprise clients.
TermScout is a legal technology platform that brings transparency to the contract review process, reducing the time and expense associated with reviewing commercial contracts by up to 50%. TermScout is backed by Techstars, was a participant in the LexisNexis Legal Tech Accelerator, and was a winner of the 2018 Global Legal Hackathon.
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The Cost of a Contract, an IACCM Research Report, October 1, 2018
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