TGS Baltic assisted limited partnership Overkill Ventures Fund I AIF managed by SIA Overkill Ventures AIFP with the Latvian law issues related to its investments into and exit from US company AXDRAFT Inc. / Latvian company AXDRAFT SIA established by the founders from Ukraine. Overkill initially invested in Latvian company AXDRAFT SIA shares of which were contributed into US Company AXDRAFT Inc. by Overkill providing a convertible loan that was repaid after US Company AXDRAFT Inc. attracted new investors.
On 17 December 2020, US company Onit, Inc., a leading provider of enterprise workflow automation and AI solutions, acquired Overkill alumni US company AXDRAFT Inc. / Latvian company AXDRAFT SIA offering on-demand automation of legal processes for enterprise customers, helping them to draft legal documents 10 times faster and avoid mistakes.
This deal is the result of the successful Overkill acceleration program and pre-seed investment to support founders. Overkill invested in AXDRAFT and the company joined Overkill for their first batch in order to attract funding, receive mentorship and establish a customer base in the EU. After completing the acceleration program in Riga, AXDRAFT received an investment from Y Combinatory, the world’s premier early stage investment fund that invested USD 150 thousand in the start-up, with a goal to scale in the USA, and thereafter raised USD 1.2 million from the Silicon Valley VCs and angel investors in April 2019.
Overkill Ventures is a Nordic-based angel fund that invests as early as angel investors do; however, have the resources, know-how and network to help startups get to product-market fit and scale from there. https://www.overkill.vc/
AXDRAFT allows to draft documents 70% faster and avoid mistakes. https://www.axdraft.com/
Onit, Inc. is a global leader of enterprise software and artificial intelligence platforms and products for legal, compliance, sales, IT, HR, and finance departments, which include enterprise legal management, contract lifecycle management, and business process automation. https://www.onit.com/
Y Combinator is a prestigious US accelerator that provides seed funding for startups and has invested in such know companies as Airbnb, Stripe, Dropbox, and more. https://www.ycombinator.com/
Overkill Ventures Fund I AIF managed by SIA Overkill Ventures AIFP has been advised by partners Inese Hazenfusa and Andra Rubene and associates Reinis Grunte and Kaspars Treilibs.
For more information in English, please refer to: https://www.axdraft.com/blog/axdraft_has_been_acquired_by_onit_company