Legal tech startup SingleFile has raised another $3.2 million to act as a registration agent and fuel the growth of technology that helps companies file annual reports with the state.
CEO Aaron Finn said, “Government compliance is inevitable, so we can’t stand recessions. He said the Seattle-based company has tripled its revenue in the past 18 months.” said.
Law firms such as Wilson Sonsini, Fenwick and Gunderson Dettmer use SingleFile to file incorporation documents with the Secretary of State. For example, when a new business is created, a Certificate of Incorporation (also called Articles of Incorporation) is filed. Once the document is accepted and processed, a legal entity is created.
Companies can also use SingleFile to file annual reports in each jurisdiction in which they are registered. Failure to file timely may put the company on good standing with the state and, if not corrected, the company may lose its authority to do business or be dissolved entirely.
SingleFile also works with other industries such as venture capital, private equity and real estate. Customers include Techstars, AngelList, High Alpha Innovation and Pacific Current Partners.
AdReady founder and former CEO Finn will join as CEO in 2021. The company was founded by former ProQuest exec Sean Flynn, who is now Chief Growth Officer.
SingleFile is a technology partner of Wilson Sonsini Goodrich & Rosati’s startup platform Neuron. The national law firm is also an investor in other Seattle legal tech, such as Tangically, which helps companies protect their intellectual property, and Lexion, which uses artificial intelligence to help lawyers digest contracts. We support startups.
With 10 full-time employees, SingleFile was spun out of Seattle startup studio Pioneer Square Labs. In August 2019 he raised $3.3 million and in August 2021 he raised another $2.1 million. Total funding to date is $8.6 million.
The latest round was led by existing investors Foundry and PSL Ventures, the venture arm of Pioneer Square Labs. SingleFile’s largest law firm client also attended.