SingleFile, a legal tech startup based in Seattle, recently raised $6.5 million in a round led by Foundry Group to support its growth. The 5-year-old startup, originally incubated out of Pioneer Square Labs, has received over $15 million in total funding to date. SingleFile helps companies file compliance reports with government agencies, with a focus on alleviating regulatory burdens such as the Corporate Transparency Act (CTA) that requires small business owners to report the names of their owners. CEO Aaron Finn believes that the increasing need for compliance will continue to drive the company’s growth.
Law firms such as Wilson Sonsini and Fenwick use SingleFile to help their clients file documents to local, state, and federal offices. The startup also works with customers in other verticals such as venture capital, private equity, and real estate. In addition to CTA compliance, SingleFile assists customers with company formation documents, business license renewals, and state taxes. The goal is to streamline the compliance process by replacing traditional methods such as email, PDFs, and spreadsheets with a cloud-based solution akin to the “Stripe of compliance.”
SingleFile faces competition from traditional compliance services companies like CT Corporation and newer tech platforms such as Carta, which are also helping companies comply with regulations like the CTA. Despite the competition, SingleFile recently won a contract for CTA compliance from law firm Goodwin Procter. CEO Aaron Finn believes that the company is bringing modern technology and venture innovation ideas to an older industry. SingleFile currently focuses on the U.S. market and employs over 25 people.
Founder Sean Flynn, a former ProQuest executive, launched SingleFile with the mission of simplifying the compliance process for businesses. Aaron Finn, the former CEO of AdReady, joined as CEO in 2021. SingleFile is a finalist for the Startup of the Year category at this year’s GeekWire Awards, highlighting the company’s innovative approach to legal tech. By leveraging technology to automate compliance tasks and simplify reporting processes, SingleFile aims to become a leader in the compliance industry. With continued support from investors like Foundry Group and PSL Ventures, the startup is poised for further growth and expansion.
