Egal tech startup SingleFile has secured an additional $3.2 million in funding to support the expansion of its innovative technology. SingleFile acts as a registered agent and aids companies in filing their annual reports with state authorities.
CEO Aaron Finn emphasized the resilience of their business, stating, “Government compliance is inevitable and, therefore, recession-resistant.” He pointed out that the Seattle-based company has experienced impressive revenue growth, tripling its income over the past 18 months.
SingleFile serves law firms like Wilson Sonsini, Fenwick, and Gunderson Dettmer, assisting them in filing essential formation documents with state secretary offices. For instance, when a new business is established, it must file a Certificate of Incorporation (also known as a charter). Once this document is approved and processed, the legal entity comes into existence.
Moreover, companies rely on SingleFile to file their annual reports in every jurisdiction where they are registered. Failing to do so promptly can lead to a loss of good standing with the state and, if not addressed, may result in the company losing its authority to conduct business or even dissolution.
SingleFile also collaborates with various other sectors, such as venture capital, private equity, and real estate, boasting customers like Techstars, AngelList, High Alpha Innovation, and Pacific Current Partners.
Aaron Finn, formerly the CEO of AdReady, took the helm as CEO of SingleFile in 2021. The company was originally founded by former ProQuest executive Sean Flynn, who currently serves as Chief Growth Officer.
SingleFile serves as a technology partner for Wilson Sonsini Goodrich & Rosati’s startup platform, Neuron. This national law firm has also invested in SingleFile and supported other legal tech startups in Seattle, including Tangibly, focused on intellectual property protection, and Lexion, which leverages artificial intelligence to analyze contracts.
SingleFile, which employs 10 full-time professionals, emerged from the Seattle startup studio Pioneer Square Labs. It previously secured $3.3 million in funding in August 2019, followed by an additional $2.1 million in August 2021. To date, the company has raised a total of $8.6 million.
The most recent funding round was led by their existing investors, Foundry and PSL Ventures (the venture arm of Pioneer Square Labs). Notably, SingleFile’s prominent law firm clients also participated in this funding round.