Scribestar's SaaS platform digitises and automates the documentation and compliance processes required for raising capital on stock markets - IPOs, bonds etc. Well established in the $22bn Reg/LegalTech markets, they are already active in the UK, they are a frontrunner in this space having had over 50 transactions on their system.
Raising capital or issuing shares on stock markets is an expensive, complex and time-consuming process. The documentation, mostly prospectuses, is produced using manual out-dated methods with non-machine-readable information. Our platform is the only one in the market that automates the processes to produce these documents from start to finish and our clients have seen 40-60% time savings with related savings on costs.
We are being regularly used by 3 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.
Another new customer group is stock markets. They are increasingly focused on digitisation to automate capital raising and compliance. Our platform provides them with structured data format documents which can be machine-read and monetised. We are now working with 3 stock exchanges to become part of their infrastructure as a listing and compliance hub.
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.
We are part of the LSE’s Issuer Services and the CMS equIP accelerator.