Ruby Datum, which aims to be a platform with a “credible” reputation for being intuitive, resilient, and rapid for collaboration, has raised 76% (£114,456) of its £150,000 target from 131 investors through its crowdfunding campaign via Crowdcube (with 16 days left in the campaign at the time of writing).
The UK-based firm reports a £3,000,000 pre-money valuation, 4.76% Equity, £3.00 share price, EIS.
Ruby Datum explains that they plan to serve as a platform with a solid reputation for being intuitive, resilient, and quick for collaboration. With more than 23,000 users and 11 million documents across thousands of deals, it is “seeing an increase in the number of new clients and intends to adapt features to offer a fully integrated document, data, and task management solution.”
Here are the key business highlights shared by Ruby Datum:
- Rapid, intuitive platform with over 5 years commercial use
- Existing clients in the UK, EU, India, Australia
- Mishcon de Reya, Infarm, Quantuma and Crowdcube among clients
- Currently servicing 32 customers with YoY customer growth of 45%
As explained by Ruby Datum, Virtual Data Rooms are used for external document collaboration, “more commonly in legal transactions such as Mergers or Acquisitions.”
Their client feedback “indicates that existing platforms are often slow, unreliable and difficult to use, have limited customisation & time is wasted with organisation and management of data.”
The team has developed Ruby Datum with what they “see as critical unique features such as a fully integrated Q&A facility, advanced configuration and permissions of custom fields, dynamic watermarking, full audit trails & more.”
The firm also mentioned that the platform was “built from the start with scalability in mind and now we’re building full document, data & task management facilities that can be interlinked & white-labelled, allowing firms to build their own SaaS products within Ruby Datum.”
The company added:
“We’ve worked with 38 clients, some of which resell the platform, amounting to millions of documents across thousands of sites. 10 new clients this year, a 45% increase in our client base.”
They further noted
“The ‘Shaping the Future of Law’ report estimated the annual market opportunity across Legal Tech to be £22bn (£11.4bn of revenue generated from serving unmet demand, £8.6bn of cost-savings for SMEs and £1.7bn from productivity gains in legal businesses).”
Taraziena Stevenson, eleXsys, claims that Ruby Datum is “a pleasure to work with and provides a highly user-centric virtual data room platform with impressive continuity of service.”
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