The Hillsboro company secured between $15- and $20-million and is planning a move into downtown Portland.
BY JACOB PALMER | OB DIGITAL NEWS EDITOR
Zapproved, a tech startup for corporate legal departments, landed $15 to $20-million in a funding round and is looking to continue that momentum.
OregonLive.com reported the company’s plans Monday.
“This is a big step, but it feels like such a logical thing to do,” said Monica Enand, Zapproved’s chief executive and founder.
Zapproved technology emerges from clients’ frustration at the way big companies search for online material during litigation. It’s an antiquated and expensive process, Enand said, with attorneys pouring over online documents to sort out relevant material.
The Portland Business Journal expanded on the company’s fundraising history.
Last summer the company quietly secured $20 million led by K1 Investment Management, a Southern California-based investment firm. At the same time, the company acquired Los Angeles-based eCloud Collect. The company has since integrated eCloud’s technology into its own suite of products and is launching Z-Discovery Platform, a suite of cloud-based software aimed at corporate legal departments to help staff and attorneys preserve, collect and analyze information needed for legal proceedings.
“Once a company reasonably anticipates litigation it can’t destroy evidence related to a case,” said Enand. “What’s new in the world is there is an explosion of data and the growth of big data and splintering of that into mobile and cloud data has really created a massive change in how companies deal with this obligation. The way we deal with it now is unsustainable.”
Oregon Business reported on Zapproved during its early days, in 2012. Read that story here.
