Swedish contracting platform Precisely has raised €1.8m in a Seed funding round led by Peak Capital, marking the fund’s first investment in the region. Precisely will use the investment to expand its team, further develop its product, and accelerate international growth.
The Gothenburg-based legal tech company, founded by Nils-Erik Jansson (pictured above), aims to improve and automate legal processes by ‘moving the whole contract workflow into a single digital contracting platform’. Precisely’s clients include SMEs and large enterprises across Europe and the US.
Jansson said: ‘As a former business lawyer, I know all about the pain of handling contracts manually. That’s why we built Precisely: to help legal teams decrease their time spent on the contract lifecycle by 80%. Precisely improves their full contract workflow: from drafting to negotiating, to signing and managing contracts.’
He added: ‘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.’
Peak Capital’s David Zwagemaker, added: ‘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.’
‘Precisely’s product is ready for a bigger audience. We are ready to help them take the next step,’ he concluded.
Peak Capital is a European investment fund based in Amsterdam, and has made 28 investments to date.