Startup company E-gree, which has created an app to protect legal documents, announced it raised $1 million to support business development and growth.
Founded in 2020, E-gree is a startup company that developed an app for legal document creation and management. The app allows users to create legally binding documents for business and personal transactions, avoiding the need for legal experience when drafting documents.
For example, users can create final wills and testaments, employment contracts, prenuptial agreements, divorce papers, and much more. Through the app, users simply log on, create and edit their contracts, and send electronically for other signatures. From there, the business allows customers to track their document progress and manage their documents once they are completed.
The startup offers two payment plans: monthly and yearly. The costs involved include $14.99 per month for unlimited E-gree documents. Additionally, the business charges $39.99 per year for the same unlimited access to documents. Furthermore, the company also takes an environmental stance; the startup plants three trees for every monthly membership and plants 12 trees for every annual membership.
E-gree is not the only legal electronic signature and document management app. The business is competing against other companies in this space such as DocuSign, signNow, Adobe Fill & Sign, Quiktract, and many others that service a variety of industries such as real estate, mortgage, education, insurance, and more.
$1 Million Investment
The company announced it raised $1 million in seed funding led by Impulse VC. AltaIR Capital, philanthropist Jessica Kahawaty, and other investors also participated in this round. The startup has not yet disclosed its valuation.
Keith Fraser, co-founder of the business, said in a statement, “We have great confidence in the social value of our project, which allows people to protect their private interests against the age of global informatization...We are constantly developing new contracts for modern-day issues. Our goal is to cover all spheres of life and make signing contracts easier and firmer than a handshake.”
The startup has hopes of innovating the legaltech industry through its customer-to-customer (C2C) app, which eliminates the need for third-party legal advice and exorbitant attorney fees.
The company added that the app has amassed more than 10,000 users since launching last year and recently introduced Russian as a new language in April 2021.
With the new capital, E-gree plans to invest in PR and marketing strategies, as well as further app development in the United States (US). In addition, the app will launch in seven more languages, which include French, Spanish, and Italian. The startup has not yet announced an official date for the new language updates.
Electronic signatures for legal documentation have been considered legally binding since 2000 when the US passed The Electronic Signatures in Global and National Commerce Act (E-Sign Act). In order to be considered legally binding by the E-Sign Act, electronic documentation must exhibit several key factors such as, intent to sign, consent for electronic business transactions, and other specifications. The documents can even be used in a court of law if they are found to be authentic.
McKenzie Carpenter is a graduate of Central Michigan University with a B.A.A. in Integrative Public Relations and French. McKenzie has previously worked for small businesses and nonprofit organizations.