SingleFile, a Seattle-based legal tech startup, recently secured $6.5 million in funding led by Foundry Group to support its growth. Originally incubated at Pioneer Square Labs, SingleFile helps companies file compliance reports with government agencies and has raised a total of over $15 million to date. The startup is benefiting from new regulations such as the Corporate Transparency Act (CTA), which requires small business owners to report the names of their owners. Despite some legal challenges, the CTA is just one example of regulatory burdens that SingleFile aims to alleviate.
CEO Aaron Finn believes that the increasing demand for compliance services will fuel SingleFile’s growth. The company works with law firms such as Wilson Sonsini, Fenwick, and Gunderson Dettmer, as well as customers in other industries such as venture capital, private equity, and real estate. In addition to CTA compliance, SingleFile assists with company formation documents, business license renewals, employee-related filings, and various state tax requirements. The startup aims to streamline the compliance process by leveraging technology to reduce human interaction and simplify reporting to government agencies.
SingleFile competes with traditional compliance services companies like CT Corporation and CSC, as well as newer tech platforms such as Carta that help companies comply with regulations. Finn highlighted a recent contract win with global law firm Goodwin Procter for CTA compliance, showcasing SingleFile’s ability to bring modern technology and innovation to the legal industry. Finn, the founder of AdReady, joined SingleFile as CEO in 2021, while former ProQuest exec Sean Flynn serves as the chief legal officer.
With a team of over 25 employees, SingleFile is currently focused on the U.S. market. The company aims to streamline compliance processes by replacing manual methods such as email, PDFs, and spreadsheets. Finn compared SingleFile to the “Stripe of compliance,” referencing the popular cloud-based payment processing platform. The startup’s ultimate vision is to seamlessly transfer company information between systems of record and government agencies, reducing the need for human intervention.
SingleFile was founded by Sean Flynn and has received investments from law firms and industry experts. The company’s technology-driven approach to compliance services has attracted attention from investors and customers alike. As a finalist for the Startup of the Year category at the upcoming GeekWire Awards, SingleFile is poised for continued growth and expansion in the legal tech market. Finn’s leadership, combined with the company’s innovative solutions, positions SingleFile as a key player in simplifying regulatory compliance for businesses across various industries.
