Upcounsel

Upcounsel

Leading Legal Services Marketplace

Getting legal work done just… sucks. It’s confusing, time consuming, and expensive. The average small business spends over $5,000 a year on legal fees. Startups average more than $100,000 a year. UpCounsel solution is simple: an online marketplace connecting businesses with a network of experienced independent attorneys - for 1/3rd the price. We remove the headaches and hassles for everyone, bringing you Legal You Can Love.

View on Wefunder
Security Type
SAFE
Industry
Tech
Min Investment
$250
Location
Yerington, NV
Offering Date
July 06, 2021
Expected Close Date
October 27, 2021
Security Price
$1

Use of Proceeds

  • ($50,000) 60% - Sales and marketing35% - Product5% - Wefunder intermediary feeMajority of proceeds will go to product, sales and marketing with the spend on new sales and marketing hires, with management fee going to Wefunder.
  • ($5,000,000) Anticipated use of funds is 30% new product development, 30% sales, 20% marketing, 10% attorney success, 5% operations, 5% Wefunder intermediary fee Product Development: Invest in engineering and business development resources to fully investigate and drive implementation of strategy for maximizing opportunities created with recent legal changes allowing non-attorney ownership of law firms in various geographies.Sales: Hire additional 2-3 full-time sales/sales development headcount to drive deal pipeline and convert sales, roll out new sales productsMarketing: Invest in first and successive marketing hires (no marketing staff currently) to focus on product marketing and programs, demand generation, SEO, and partnerships. Attorney Success: Hire additional attorney success manager(s) to support new customersOperations: Add additional operations and finance resources as necessary to support needs of growing organization.

Management

KJ Erickson, Upcounsel CEO
Y Combinator (SC16), Stanford BA, Oxford MBA. Serial entrepreneur backed by top VCs including Greylock, Maveron, Foundation, & Norwest. Experience building companies from 0-
200+ employees. Founded & sold online marketplace Simbi.

Paul Drobot, Chief Revenue Officer
Experienced Revenue and GTM Leader with history of building & scaling teams from 5-300+ employees and from $2M-$100M in revenue, including at Intuit/Demandforce & Doubledutch. Former VP of Sales at a16z-backed legal technology firm Atrium.

Danny Page, VP, Operations
Operations and growth pro with experience managing 10,000 remote contractors across 30+ countries and sectors. Built the offshore team at Hustle (acquired by Hubspot). Host of Running Remote podcast & former Time Warner & ESPN Sports TV broadcaster.

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Security Description

A SAFE is an agreement between you—the investor—and the company in which the company promises to give you a future equity stake based on the amount you invested. It also involves some kind of a triggering event that must take place in order for you to get your future equity stake. Be careful as you may only get equity if a particular event is triggered.

Key Deal Facts

$2.6M revenue run rate & profitable in first 12 months of operations
Saved users $12,000,000 in legal fees in past year alone
CEO named one of the “Top 25 People Shaping the Future” by Rolling Stone
World-class team with Y Combinator experience & history of building companies to $100M+
1.4M+ website users monthly
Featured in Forbes, Fortune, Bloomberg, & more
Positioned for disruption in the fast-growing legal tech market — slated to surpass $25 BN in 2025
Invested in by the Founder & CEO of Enduring Ventures, Xavier Helgesen

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