SingleFile, a Seattle-based company dedicated to simplifying corporate compliance filing, has announced a significant milestone with the completion of a $9 million Series A funding round. This recent investment raises the company’s total funding to $24 million since its inception in 2019, with $15 million generated over the past year alone. The Series A round was led by Foundry Group, joined by existing investors such as Pioneer Square Labs and The LegalTech Fund, along with leading law firms like Wilson Sonsini, Cooley, DLA Piper, and others.
The company provides a digital platform aimed at automating the compliance paperwork that corporations and law firms often find burdensome. As CEO Aaron Finn notes, the funding will accelerate the expansion of SingleFile’s technology platform and operations, particularly focusing on research and development of new compliance features. Such additions would bolster their offerings, which already include filing and tracking annual reports, entity management, and a module designed specifically for Corporate Transparency Act (CTA) reporting.
Despite legal challenges surrounding the CTA, compliance related to these regulations has driven rapid growth for SingleFile. In fact, law firm usage of its platform tripled during late 2023, underscoring the software’s increasing importance in the legal market. The company now serves approximately 60 law firms, including 33 Am Law 200 firms, amassing a customer base exceeding 4,000 businesses.
As highlighted by Jaclyn Freeman Hester, partner at Foundry Group, the company is recognized for its “sticky product” and strategic distribution model, making it attractive to investors. The funds aim to extend the platform’s capabilities in other compliance domains, such as SEC filings and business licensing, traditionally managed manually or through consultants.
SingleFile’s competitive edge lies in its “jurisdictional intelligence”—the intuitive cloud-native infrastructure that streamlines the complex maze of regulatory requirements across various jurisdictions. The platform aims to collectively manage the compliance data, significantly easing the regulatory burden faced by U.S. businesses, which Aaron Finn estimates involves tens of billions of hours annually.
For further details, the complete coverage of SingleFile’s Series A round can be accessed here.