UK-based legaltech startup ThoughtRiver conducted due diligence and effective investor follow-ups using Digify.
ThoughtRiver is a London-based legaltech startup that aims to transform the contracting process using AI driven contract review. Its automated contract review technology helps firms looking to accelerate the process of reviewing, negotiating, and signing contracts to drive deal velocity.
In September 2020, ThoughRiver announced a $10 million Series A round of funding led by Octopus Ventures.
For their due diligence for Series A, ThoughtRiver needed a tool that could help them gain control over confidential documents sent to potential investors. Since their documents contained highly confidential information including their financials, company strategy and intellectual property, it was important for ThoughtRiver to secure and control these.
Although ThoughtRiver used Microsoft SharePoint for their earlier fundraising, it was not built for due diligence. ThoughRiver was searching for a data room that would allow them to conduct their due diligence smoothly and professionally.
With Digify, Thoughtriver found a tool that could help them conduct their due diligence quickly, professionally and securely. Even as their deal progressed through different phases and involved different types of users/investors, ThoughtRiver could adapt each data room accordingly, reorganizing documents and controlling user permissions easily.
Complete control of who has access
With the ability to restrict access via email and prevent download, they can be certain that only selected investors can view the data.
Real time investor insights to know who is interested
Digify’s data room analytics allowed ThoughtRiver to track which investors spent most time on their documents and therefore whom to focus on, helping close the deal faster.
Seamless workflow with automated click-through NDAs
Upon entering the data room, investors were prompted to agree to confidentiality agreements before viewing documents, which saved ThoughtRiver the hassle of manually collecting NDAs from investors.
ThoughRiver efficiently closed their $10 million Series A round of funding led by Octopus Ventures. Detailed data room analytics enabled them to follow up with investors more effectively. The deal documents were safe and secure under their control in a professional data room.
Digify data rooms has a balance of simplicity and security that your investors will love.
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