SingleFile,the Seattle startup that simplifies filing and fulfillment workflow, has added $2.1 million in additional funding to its seed round, which now stands at $5.4 million.
The spinoff of Seattle startup studio Pioneer Square Labs originally raised $3.3 million in August 2019.
“Our existing investors decided to put more money into the company as we’ve picked up our pace,” SingleFile founder Sean Flynn told GeekWire.
The online filing and registered agent platform for businesses and law firms launched its beta product in 2019 and has since attracted thousands of orders from hundreds of clients. SingleFile is currently working with six national law firms and is a technology partner for Wilson Sonsini Goodrich & Rosati’s new startup platform, Neuron.
Law firms use SingleFile to file formation documents with the secretary of state’s offices. For example, when a new business is created, a Certificate of Incorporation (also known as a charter) is filed. Once the document has been accepted and processed, the legal entity is created.
The company uses the platform to act as its registered agent and track and file its annual reports. A company must file any reports in each jurisdiction where it is registered and avoid missing deadlines for such filings. Failure to file in a timely manner can result in the company falling out of good standing with the state and, if not corrected, the company may lose its authority to conduct business or dissolve altogether.
SingleFile also said it is bolstering its management team by adding Aaron Finn as CEO. Finn is the former founder and CEO of AdReady, and Flynn called him “a seasoned operator” with a “strong marketing and product background that complements the existing management team.”
Flynn, who served as CEO, will assume the role of chief growth officer with a focus on customer acquisition and operations as the new capital is intended to scale the business and accelerate growth.
SingleFile has also added Ramana Venkata, a legal and technology industry veteran, to its board of directors. The company has 10 employees at the moment and expects to add three or four more in the near future.
SingleFile’s seed round was led by Foundry Group and also included participation from PSL Ventures, PSL’s venture arm, and five major national law firms – Cooley, DLA Piper, Fenwick & West, Perkins Coie and Wilson Sonsini Goodrich & Rosati.