A digital ecosystem to produce documents for capital markets transactions has raised £1 million.
ScribeStar, a services partner for the London Stock Exchange, aims to improve the efficiency and reduce the cost and time required to produce these documents and regulatory filings – and subsequent approval for them – using its cloud platform.
£865,000 of the investment came from a crowdfunding campaign on Crowdcube, nearly 75% more than the target of £500,000.
Adam Shaw, Executive Chairman and a co-founder of ScribeStar, commented: “We are delighted to see so much interest in our platform that we raised almost 75% more than we targeted on Crowdcube. We are very pleased to welcome our new investors and to receive the continued support from our current shareholders.
“The new funding will enable us to continue expanding our customer base in the UK and other regulated markets. It also allows us to further develop our unique technological advantages that lawyers find so useful in making verification and regulatory filings much more efficient than is possible with current methods.
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“With these advances and the interest we are seeing from stock exchanges, we are moving a step closer to realising our vision of building a single digital ecosystem for capital markets.”
London-based ScribeStar’s key users are lawyers, issuers, regulators, stock exchanges and the other advisers in the public capital markets space. It has now put almost 60 equity, debt and public takeover transactions through its platform and is continuing to work with pioneering law firms such as CMS, Taylor Wessing and Travers Smith.
These complex document sets require careful project management, precise version control, separate typesetting for printing/publication, time-consuming content verification/fact-checking and regulatory compliance approvals.
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ScribeStar has been built specifically to offer all these features in a versatile way, where all required capabilities are available in one ecosystem that handles the information from first draft to final publication, with the ability to go straight to printing without third party typesetting.
It will use the funds to further its expansion and to help traditional and blockchain-based stock exchanges digitise their platforms for the non-trading processes related to fund raising and compliance.
RegTech