Scribestar, a UK-based SaaS platform that digitises and automates the documentation and compliance processes required for raising capital on stock markets, has successfully secured its initial £500,000 funding target through its equity crowdfunding campaign on Crowdcube. Founded in 2010, Scribestar claims its platform is the only one in the market that automates the processes to produce documents from start to finish and its clients have seen 40-60% time savings with related savings on costs.
“We are being regularly used by three law firms in the UK and seeing growing interest from other firms who want a remote tool to manage the process and produce these documents more efficiently. In addition, we are starting to enter 3 international markets, one of which is the US – the biggest market in the world for these documents.”
Scribestar also revealed its platform provides clients with structured data format documents which can be machine-read and monetized.
“We are now working with 3 stock exchanges to become part of their infrastructure as a listing and compliance hub.”
In regards to what the Crowdcube funds will be used for, Scribestar added:
“This fundraise will take us well into 2021 so that we can deliver further growth in the UK, start the expansion in the US and other markets with law firms, and deliver successful trials with the stock exchanges.”
Scribestar is now offering 11.82% in equity at a £3,902,937 pre-money valuation through the investment round, which is set to close later this month.
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