Estonian legal technology startup Avokaado has achieved a big milestone by securing €1.2 million in funding, with Tera Ventures leading the investment round. Furthermore, the company is preparing to introduce its latest AI-ready upgrade, which is poised to transform the landscape of contracts by converting structured text into dynamic, self-executing sets of invaluable data. Notably, Avokaado has already amassed a substantial user base exceeding 20,000, including top-level executives from major players in the telecommunications, retail, hospitality, and finance sectors.
The recent influx of funding will play a pivotal role in facilitating the company’s expansion into new markets and industry verticals. Avokaado’s most recent innovation centers around a document format referred to as aDoc, which seamlessly integrates clauses, metadata, workflows, and lifecycle management into a unified document structure. This development elevates contracts to intelligent entities capable of automating processes, monitoring changes, and adapting to various scenarios with remarkable flexibility.
Through the integration of aDoc into the AI-ready upgrade, Avokaado empowers organisations to enhance contract management to an unprecedented degree of efficiency, precision, and security. Contracts are no longer static textual agreements; they change into dynamic living documents that respond to changing conditions, trigger actions, and seamlessly integrate with other systems.
Avokaado was established by Mariana Hagström, a former attorney-at-law and managing partner at a law firm, alongside Jean Mauris, a serial entrepreneur renowned for creating exceptional SaaS products. In 2020, Hagström received recognition in the entrepreneurship category at the European Women of Legal Tech awards.
Migle Poderytė, a lawyer at Bitė, commended Avokaado’s contributions, stating, “Avokaado is one of the solutions we use to contribute to the sustainability goals of Bitė. Avokaado has made our company’s operations significantly more efficient in the B2B customer segment and has improved the contract conclusion process. The solution not only benefits our customers, partners, and society by enhancing efficiency but also contributes to achieving environmental sustainability goals.”
“In an era marked by rapid technological advancement, where AI and automation are setting the pace, we are ideally positioned to embrace this transformative wave. Just as Estonia’s agile approach has positioned it as a leader in digital transformation, Avokaado is primed to be at the forefront of this change, propelling us into an exciting future. Tera VC is the perfect catalyst to lead the way,” commented Mariana Hagström, the founder and CEO of Avokaado.
Hagström emphasised the pivotal role of integrating legal operations into broader business processes, highlighting a strong emphasis on data and business process automation as foundational principles.
In other news, Pixis, a codeless AI infrastructure company specialising in optimising performance marketing for brands, has successfully concluded its series C1 funding round, securing a substantial $85 million in funding. This funding round was led by Touring Capital, raising Pixis’ total capital to a notable $209 million. Distinguished investors, both new and existing, participated in this funding initiative, with prominent names such as Grupo Carso, General Atlantic, Celesta Capital, and Chiratae Ventures.
These funds will be strategically deployed to bolster Pixis’ AI capabilities, expedite its global expansion, invest in crucial research and development efforts to refine and launch a generative AI-powered creative studio, and establish essential product and business partnerships.
