Indianapolis-based PactSafe, a legal-tech startup launched this year by a former Taft Stettinius & Hollister LLP attorney, raised $880,000 in its seed round and was accepted into a competitive Silicon Valley accelerator.
CEO Brian Powers, 40, who launched the company in February, said the venture funding came from Acceleprise San Francisco, Elevate Ventures and Vulpes Testudo Fund, among others, and will be used to bolster product, sales and marketing.
The company is the first from Indianapolis to join the Acceleprise accelerator, which accepts only about 3 percent of applicants. It joined in July, giving it access to San Francisco office space, world-class mentorship, and potential investors and customers over an immersive four-month program, the company said.
PactSafe sells cloud-based enterprise software that connects contracts across the Web, mobile and other connected devices, allowing businesses to manage and analyze its trove of digital legal pacts that often end in “I Agree.”
It has six employees, most of whom will rotate between San Francisco and Indianapolis between July and October.
In an email, Powers said his plans for 2015 include “expanding our team, increasing our sales efforts, and exploring raising a Series A venture round.
“We’ll also be further developing our digital legal engine for use in mobile … as well as creating tool sets that allow our customer[s] to unify their offline and online contract processes,” he said.