SingleFile will use funding to make process of routine compliance filing dead-simple
SEATTLE, August 12, 2019 -- SingleFileTechnologies announced today that the company has raised a $3.3 million seed round to simplify and automate state and local compliance activities, including the slow and manual process of routine compliance filings. Foundry Group led the round, with participation from PSL Ventures and partner funds at five major national law firms, including Cooley, DLA Piper, Fenwick & West, Perkins Coie and Wilson Sonsini Goodrich & Rosati. SingleFile was spun out of Pioneer Square Labs in April 2019.
Finding the right form, chasing down the required information, filling it out accurately and getting this all done on-time is an extremely manual, time-consuming and confusing process for companies. Mistakes can lead to penalties and even dissolution of a company’s legal entity. Because law firms typically set up the legal entity for their clients, they get stuck in the middle, managing the administrative work.
“It’s ridiculous in this Convenience Economy, where everything is a click away, that we’re filling out state and local government reports the same way we’ve filled them out for the past hundred years,” said Sean Flynn, SingleFile’s founder and CEO. “And the number of forms has only grown with time. SingleFile will make all of this dead-simple, starting with Secretary of State filings.”
Each corporation, LLC or partnership needs to have a registered agent and make regular filings in the state where it is organized (usually Delaware) and in every state where it operates. The dominant players in the registered agent market were founded in the 1890s, and their processes have hardly evolved since then.
“As an investor and lawyer, I’d love to recoup all the time robbed from my associates and me by the painful, inefficient and completely outdated process of filing compliance documents,” said Jason Mendelson, managing director of Foundry Group. “We’re big believers inSingleFile’s approach of using automation to upend this archaic industry. I can already hear lawyers and paralegals nationwide saying ‘Finally!’”
In the fall, SingleFile will be rolling out its platform to some of the largest and most prominent startup law firms in the country. The new service will enable firms to form and qualify new businesses easily and work more effectively with their clients to keep those businesses in compliance.
“Something needs to be done,” said CraigSherman, Partner at Wilson Sonsini Goodrich & Rosati. “Today, too much time is spent chasing information or sorting out invoices, and clients still forget to file on time. Our clients deserve a better experience. Our lawyers and paralegals should spend their time on more substantive work.”
SingleFile provides a software-as-a-service platform that enables companies and their trusted advisers to streamline, manage and automate compliance filings. For more information, visit www.singlefile.co.
About Foundry Group
Foundry Group is a Boulder, Colorado-based venture capital firm focused on making early-stage technology investments, participating in select growth rounds, and identifying and supporting the next generation of venture fund managers.
About Pioneer SquareLabs
Pioneer Square Labs (PSL) is a startup studio and venture capital fund. PSL exists to champion the next generation of founders by bringing together world-class talent, big ideas and investment capital. For more information, visit www.psl.com.
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Contact: Sean Flynn, SingleFile Technologies Inc.