Legaltech startup Maintract announced today that it has successfully raised SEK 6.5 million in seed funding. Maintract is backed by seasoned tech investors such as venture capital firm Wellstreet and former deputy CEO of Klarna, Knut Frängsmyr, as well as top-tier law firm partners.
Maintract has built the next generation platform for contract management to solve what others have not been able to. The company focuses on banking and financial services, and has i.a. one of Sweden's major banks on its list of clients.
Maintract has built a Conscious Documents platform, which means that contracts have their own consciousness and communication ability, with a range of sophisticated services also provided. By starting from and analyzing the content and purpose of the contract, they solve the real problems with contracts that organizations struggle with. The result is real, legally binding contracts that are aware of their content and compliance.
Behind the company are founders Ludvig Lejon, Christoffer Nilsson and Adam Wigren. Ludvig has a background as a lawyer at both a law firm and a bank, with deep experience in financial transactions. Christoffer has a background in consulting and worked with digital strategy and innovation management for banks. Adam is a developer with a background in AI and many years of experience from the startup scene in both China and Silicon Valley.
We are the first to really solve the contract problems organizations struggle with, even after signing. We started by custom auto-generating some of the most complex contracts in the financial sector, large financing agreements with values of several hundred million, for one of the largest banks in Sweden. We have built a platform where the contracts themselves become smart and gain their own consciousness, by being connected to relevant external data and managing complex structures that arise. In the past, documents have been dead PDFs, without external anchoring, which end up in a physical or digital drawer where they are forgotten, says Maintract's co-founder Christoffer Nilsson.
Maintract takes in SEK 6.5 million in a seeding round and is backed by several fintech and legal profiles, including Klarna’s ex-deputy CEO and General Counsel Knut Frängsmyr, venture capital firm Wellstreet, as well as law firm partners. With the new investment, Maintract is well positioned to accelerate its growth and expand its customer base. The company is confident that its innovative platform will continue to provide significant benefits to companies across a wide range of industries. Christoffer Nilsson explains:
We are very happy to be backed and have such strong support from Knut Frängsmyr, Wellstreet, law firm partners and other high-profile figures. This funding will enable us to continue to build on the success we have already achieved and expand our customer base both within and outside the banking and finance sector. We know that our technology creates real added value, and we look forward to providing our solution to more companies and banks.
I am impressed by Maintract's technology and the value they create. I believe Maintract has a bright future ahead of them and I am happy to support them in their continued growth journey, says Knut Frängsmyr.
In the coming weeks, Maintract will also launch a new product that increases transparency, control and drastically simplifies contract negotiations, regardless of industry and contract.
In connection with the round, Evelina Anttila is joining the board. Evelina is Managing Partner at Wellstreet and has a background as a lawyer from Mannheimer Swartling, General Counsel at Peltarion, and co-founder of legaltech startup Justic.