COUNCILBOX, a company specializing in technology solutions for the legal sector, has closed a €5M Series A round of financing to accelerate the company’s growth, expand its team, and begin international expansion.
The investment round was led by Adara Ventures with participation from Telefónica’s Wayra and ABANCA and represents one of the first legaltech investments for these firms.
Founded in 2015 by Galician entrepreneurs Agustín Tourón and Victor López, COUNCILBOX has developed a platform for managing telematic meeting processes (such as shareholders’ meetings, assemblies, corporate committees, etc.) and guarantees remote meetings’ security and legal validity. The platform features a secure voting system, identity verification of attendees, digital signatures, automatic minutes tracking, and more. In 2020, COUNCILBOX hosted more than 600 meetings with more than 120,000 votes cast. In the first half of 2021, the company has already reached more than 450 meetings and 80,000 votes.
Notable clients include Spain’s Ministry of Justice, the Spanish Olympic Committee, Booking.com, the Madrid Assembly, Acciona, Codere, Cuatrecasas, Solaria, Meliá Hotels, Banca March, Sacyr, the Mutual Society of the Legal Profession, among others.
With this new investment, COUNCILBOX also welcomed Javier Polo to the team as CEO to lead the company through the next stages of internationalisation and growth. Javier Polo brings vast experience leading technology companies, including Orange, Amena, and the Spanish cloud gaming startup Playgiga, a company acquired by Facebook in 2019 and the first and only acquisition by Facebook in Spain to date.
According to Javier Polo, CEO of COUNCILBOX, “Our main goal is to position COUNCILBOX as a reference in the legaltech sector in Europe and expand to other markets, such as the US. We believe that there is significant potential in legaltech as the move to digitise legal processes and transactions accelerates amongst organisations and the regulatory framework becomes increasingly favourable. The trust and confidence in COUNCILBOX on behalf of our clients and partners is proof of this trend.”
“We believe that hybrid meetings (physical and virtual) with legal guarantee and traceability will become the standard. We are excited to support COUNCILBOX on their mission to become a global leader in the legaltech space,” said Alberto Gómez, Managing Partner of Adara Ventures.
“We are proud of finding startups that offer advanced technological solutions in areas that have yet to become digitalised, such as the legal industry. We see a great potential for COUNCILBOX to work alongside Telefonica to introduce their solutions to public administrations with the goal of improving government-to-citizen communication with virtual solutions. This is something that we have already started to work on with successful outcomes, and one of the key reasons we have decided to invest in COUNCILBOX,” added Marta Antúnez, Director of Wayra Barcelona.
After experiencing COUNCILBOX’s solutions firsthand, we understood the quality and effectiveness of the platform and decided to invest in the company. We believe that there is great growth potential for this solution, specifically in the financial industry and for corporate board meetings that require traceability for all decision-making,” stated Javier Carral, Executive Director of Investment Banking and M&A at ABANCA.
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