Denmark-based ComplyCloud, which has built its own digital software lawyer, has landed a €4.5m investment from SEED Capital.
With the capital, the company plans to scale its services beyond Denmark, refine its technology and hire more staff.
ComplyCloud claims this is the largest seed investment in legal tech to have been raised in Denmark and the Nordic region.
The RegTech company has built a digital software lawyer that can automate complex compliance work, particularly GDPR processes. Its algorithms help companies to comply with complex legal requirements and manage administrative burdens.
It claims to have experienced three-figure growth rates each year since it was founded in 2017. Its estimated turnover for 2021 is DKK 20m ($3m) before accrual.
ComplyCloud founder and CEO Martin Folke Vasehus said, “We have seen considerable interest from several venture capital firms and we are incredibly pleased that SEED Capital has joined our circle of owners. They hold deep insights into the journey that lies ahead of us and good values which harmonise well with our own.”
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