Finnish startup Contract Mill has announced the closure of a funding round of over €1M. The round was co-led by Swiss investment company Actium AG and Veenay Shah, co-founder of HighQ, together with multiple international investors from the UK and Sweden. We’re told that the funding will be used to further expand Contract Mill’s operations in the UK and Europe.
Contract Mill is a no-code document automation SaaS platform that makes the automation of complex documents easier than traditional software that requires significant IT resources, time, and money to deploy.
“As lawyers, we saw a huge underserved market – law firms and companies who needed document automation but who are not capable or willing anymore to take on the total cost of automation that is inherent in the complex incumbent systems,” says Kaisa Kromhof, founder and CEO of Contract Mill.
Once a document template has been automated, users can generate new custom documents in minutes by answering a dynamic list of questions. Generated documents can be made in one or more languages, and they can form a total suite of many documents that are generated in one go instead of an inefficient and error-prone manual process.
“As corporate and transaction lawyers, we experience the increasing need to streamline the legal documentation processes on a daily basis. We are convinced that legal tech will eventually transform the legal industry, even though it has traditionally been slow to change. To achieve such a big transformation, a product must be not only technologically advanced but also easy and intuitive to use. We believe Contract Mill checks both those boxes,” says Till Spillmann, partner and chairman of Actium AG.
Established in 2016, Contract Mill has offices in Helsinki and London. Its customers include a growing number of large international companies such as Bird & Bird, Solita, and TietoEvry, and a variety of businesses around the world like AdvisMe, Ijos Rechtsanwälte, and MK Law. Contract Mill has also been recently chosen by the leading Bay Area tech law firm Wilson Sonsini to be the partner for their Build-A-Bot summer program, a widely recognized achievement that shows the potential of Contract Mill to become a leading solution in the document automation field.
Caroline.hill@legalitlexicon.com