Startup OneNotary, founded by a Ukrainian team, has raised $1.75 million in venture capital funding to develop online notarization infrastructure in the United States. The main investors are Adventures Lab VC, Digital Future VC, U. Ventures, TMT Investments, and GoodPaper Venture. Interfax-Ukraine reports this with reference to the company's press release.
It is noted that the startup uses the capital raised to enhance the existing business solution, improve detecting risks of fraud, and speeding up the process of preparing documents using AI technology. Also, investments will be used to implement an effective marketing strategy.
Ruslan Timofeev, founder of the venture capital fund Adventures Lab, explains that the startup’s revenue has increased 10 times over the past year alone. But this is not the only factor that impacted the decision of the Ukrainian fund to invest in the project.
"In addition to the high demand for the product, as evidenced by all figures, it is important to understand what the project team is like. These guys passed the "easy money" test and turned down a bid from one of the major US players in legaltech, which many would consider very lucrative. And this at a time when they were stretched to capacity, leaving their financial comfort zone. Such devotion to the project demonstrates the desire to further develop it independently," says Ruslan Timofeev, "this is also confirmed by the dynamics of sales within one year."
Additionally. The platform was founded in 2020, during the worsening of the pandemic. Online notarization makes the transaction more secure than an offline one due to audio/video recording, subscriber’s ID verification, and tamper-proof digital sealing of the documents.