Seattle-based legal startup SingleFile has raised $3.2 million to simplify the process of filing state-mandated annual reports for companies.
Founded in 2019 by former ProQuest executive Sean Flynn — who is now the startup’s chief growth officer — SingleFile provides a platform where companies can streamline report filing so every document is in order and they will not miss reporting schedules.
SingleFile’s platform can prevent business entities from making filing repetitions and mistakes by using already available information. The startup’s in-house experts will inform clients who are making errors and help them resolve those issues.
Furthermore, the SingleFile platform can accommodate different filing systems according to the company’s jurisdiction, because every state has different reporting policies. The startup even enables a company that plans to expand to another state to prepare the registration document.
The startup has served companies from various industries. It has served venture capitalists, private equity firms and even real estate companies. High Alpha Innovation and AngelList are among SingleFile’s renowned clients.
SingleFile’s filing workflow can help companies save time to file all necessary reports, helping them to focus on their core businesses instead. This is essential as filing annual reports late can result in penalties for a company. In some cases, they can even lose the license to operate.
Law firms also use SingleFile’s service to create certificates of incorporation, which is necessary to establish a legal entity. The firms can submit the document needed to secretaries of state via SingleFile platform. One of its notable law firm partners is Wilson Sonsini Goodrich & Rosati, which specializes in intellectual property.
SingleFile’s existing investors, Foundry and PSL Ventures led its latest funding round. The startup previously managed to gain $3.3 million in August 2019 and then $2.1 million in August 2021. The startup plans to use the funding for tech improvement.
Despite the looming global recession and uncertain economic situation in the U.S., CEO Aaron Finn believed that the startup would survive. Over the past one and a half years, SingleFile even managed to triple its revenue.
“Government compliance is inevitable and therefore recession-proof,” Finn said.
