Shake receives USD 3 million in Series A round led by SoftBank Capital
New York-based mobile-centered startup Shake was able to raise USD 3 million in its Series A funding round. The financing was led by SoftBank Capital. Existing investor RRE Ventures and new backers ENIAC Ventures, BoxGroup, Mesa+, WGI Group and Patrick Keane also participated in the financing. As part of the financing, SoftBank Managing Partner Jordy Levy will be joining the Board of Directors of Shake.
Proceeds from the funding round will enable shake to increase its workforce and launch the web and Android versions of the product. It will also enable them to develop premium services and features for the platform.
An iOS application, Shake enables users the ability to make and sign basic legal agreements through the use of a simple interface. Various templates are available to choose from so that freelance/consulting work agreements, personal loans and non-disclosure agreements can be easily crafted by simply filling in information and signed through their touchscreens. Although the language used is concise and plain, Shake said that licensed lawyers have carefully researched them to ensure that they are legally effective. The agreements are stored securely online.
In a statement, Levy said that the economy is making such a shift that more businesses are conducted by freelancers and small businesses. As such, they need the ability to make simple but effective legal agreements even on the go. "Shake literally puts the power to create legal agreements in its users' hands," he added.
Shake Founder and Chief Executive Officer Abe Geiger said legal agreements should be done as easily as performing any other task you would do on your phone, like taking down notes or managing your money. He said, "This new round of funding allows us to further the task of democratizing and simplifying legal agreements using consumer-quality mobile technology. We want every freelancer and small business to be empowered by Shake, and soon, enterprises too."