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Ukrainian startup AxDraft raises $1.1 million in Silicon Valley to “commoditize legal services”

AxDraft, a Ukrainian document automation startup, has raised $1.1 million from a pool of US investors

These investors included the online VC firm FundersClub and their affiliate FCVC, SCM Advisors, as well as Nick Bilogorskiy, Matt Macinnis, Ragnar Sass and a few other individual investors from Silicon Valley.

In an exchange with Ukraine Digital News, Zaremba confirmed the transaction. The startup was valued at $10 million – an important amount from a Ukrainian standpoint, and “seven times as much as the previous valuation three weeks ago.”

At that time, AxDraft secured $150,000 from Y Combinator as it was enrolled in their acceleration program, in exchange for a 7% stake.

AxDraft, founded just a year and a half ago, sees its mission in “relieving lawyers from routine work and commoditizing legal services.” Its website claims that legal documents can be drafted “70% faster” and that these documents “must be so perfect that it amazes even the most indifferent person.”

Among AxDraft’s clients are such corporations as British-American Tobacco and Carlsberg. However, AxDraft also serves smaller companies and startups.

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