Shake, a mobile-focused legal startup, said Wednesday that it has received $3 million in Series A financing. SoftBank Capital was the lead investor. Existing investor RRE Ventures joined new investors BoxGroup, ENIAC Ventures, Mesa+, WGI Group and Patrick Keane in the round.
New York, November 20, 2013 – Shake, the mobile-first legal startup that allows consumers to create basic legal agreements in simple language in minutes, announced today that it has raised $3 million in venture capital financing.
SoftBank Capital led the Series A round of funding with participation from existing investor RRE Ventures and from new investors BoxGroup, ENIAC Ventures, Mesa+, WGI Group, and Patrick Keane.
“The economy is shifting such that small businesses and freelancers are doing more business than ever, and they need to be able to to make simple but effective legal agreements on the go,” said Jordy Levy, SoftBank Managing Partner, who will join Shake’s board. “Shake literally puts the power to create legal agreements in its users’ hands.”
Shake is an iOS app that gives users the ability to create and sign their own basic legal agreements using a simple interface. It offers a number of templates for different contracting needs, such as freelance/consulting work agreements, non-disclosure agreements, and personal loans. Users choose a template and fill in information, and can sign the resulting agreement on their touchscreens.
Shake’s forms have been meticulously researched by licensed attorneys to be legally effective even though they are concise and written in plain language.
“Legal agreements should be as easy and affordable as doing any other task on your phone – be it taking notes, reserving a car service, or managing your finances,” said Shake CEO and Founder Abe Geiger. “This new round of funding allows us to further the task of democratizing and simplifying legal agreements using consumer-quality mobile technology. We want every freelancer and small business to be empowered by Shake, and soon, enterprises too.”
Shake users have created and signed over $15 million in legal agreement since Shake’s iOS app launched in September of this year. Shake has been featured in the Apple App Store and has been used by companies such as Pontiflex and Flavorpill.
The new funds will allow Shake to expand its team, launch web and Android versions of the product, and introduce premium services and features for the enterprise.
Shake was founded in 2012 by Abe Geiger (CEO, Shake), Stuart Ellman (Managing Partner, RRE), Jon Steinberg (President and COO, BuzzFeed), and Jared Grusd (General Counsel and Head of Corporate Development, Spotify). Investors include RRE, SoftBank, ENIAC Ventures, Mesa+, WGI Group, BoxGroup, Patrick Keane, Scott Belsky (co-founder of Behance) and Alex Krug. Shake’s agreement templates have been researched and drafted by licensed attorneys to capture important terms concisely and in plain English. Shake’s templates include: Freelance (Independent Contractor), Non-Disclosure, Buy and Sell, Rental (of goods), Personal Loan and “Create Your Own.” After choosing a template, the user can enter information to generate an agreement that can either be signed on the spot or sent via e-mail for a signature. Agreements are securely stored in the cloud. Shake can be downloaded from the Apple App Store by visiting www.shakelaw.com/App.