We are thrilled to announce our investment in CoParse, a tool that makes PDFs and word docs easy to search, annotate, and review.
We invested in CoParse because its mission aligns with our belief that structuring information from legal documents allows for more effective decision making.
Lawyers and financial service representatives like us spend their days sifting through legal documents. Yet, most of these agreements are stored as PDFs which means they can only be viewed through simple software tools rather than ones that meaningfully organize them for comprehension. Technology can turn agreement data into structured information. The “data exhaust” from agreements or contracts often becomes the catalyst for new businesses or innovation inside an organization.
Our first interaction with CoParse illustrated how transformative it would be to our own work Once we saw how it could transform a SAFE agreement into something as navigable as a Wikipedia page, we were sold. Upload a pdf to CoParse, and it will define the key terms, pin them for easy reference, and open picture-in-picture windows so that users can quickly flip between sections. Those are just a few of its features. For a full demo of what CoParse offers, play with the software (here), which is free to download and use.
Since its launch in April 2021, CoParse has been implemented in some of the world's largest financial institutions and law firms. Many users we spoke to raved about the product because they saw exactly what we saw— CoParse could make work more efficient and impactful. We also began using it internally and immediately noticed a difference in the way we review documents for new investments. It’s also enabled us to help our portfolio companies understand the agreements they may enter with other partners.
As thrilled as we are with the technology that drives CoParse, we’re also investing in the mind behind it. In Jacob, we saw an incredibly driven founder who is capable of thinking from multiple perspectives. He has the scope of vision to see a future where CoParse replaces tools like Microsoft Word and Adobe Acrobat. At the same time, his fastidious attention to detail allows him to meet the needs of consumers in the present moment.
We’ve already saved hours with CoParse, and we’re ready for more firms to come join us.