Bid4Ad: 78% Cost Savings as We Raised our First Million with Dragon Law
May 24, 2016
Bid4Ad is an online marketplace for space providers, advertisers and agencies to buy and sell print, outdoor and online media advertising spaces in real-time.
The company closed its angel fundraising round recently. We sat down with Bid4Ad’s Co-Founder, Celine de Rosière, who walked us through the fundraising process, and how she discovered an easy, fast, and affordable way to manage legal:
Tell us a little more about how Bid4Ad got to where it is today.
One discovery by Gregory Marchand led to the creation of Bid4Ad: Despite the growth of digital media, demand for traditional media spaces has not gone away. Yet, there was no central marketplace available for small and medium sized enterprises to buy and sell advertising.
This belief in an innovative and efficient world of outdoor and print media propelled Greg to flee the banking world to embark on an entrepreneurial journey as Co-Founder of Bid4Ad.
Bid4Ad is more than just an online marketplace. Bid4Ad provides a platform that creates valuable relationships between advertisers and space owners. Bid4Ad is in the business of trust; and we take this very seriously.
We went back and forth with our lawyer in Switzerland and spoke to a few other law firms in Singapore. Numerous discussions pointed us to a single conclusion: It would’ve cost us an awful lot of money to create the legal documents we needed.
What options did it come down to, and how did you decide Dragon Law was right for you?
You can say that I was lucky to have come from an M&A background from when I worked for the London Stock Exchange – I had a clear idea of what (legal documents) Bid4Ad needed.
I also knew well enough that I couldn’t do this on my own – I had neither the specialist legal training nor local knowledge to piece the pieces together, much less be certain that I was putting them together right.
But we have come so far bootstrapped – could we have afforded specialist legal services before securing our first investment round?
Drafting legal documents with the Dragon Law app feels just like sitting down with a lawyer:
Through this process I am able to, reliably, self-service 80 per cent of Bid4Ad’s legal work and make informed decisions should I still require additional legal advice.
The best part? Greg and I were able to collaborate seamlessly in the app, despite being miles away physically and working across two distinctly different timezones.
Having evaluated multiple service providers, Dragon Law is by far the most affordable, efficient, and most importantly, trustworthy solution that is perfect for our needs as a growing business.
Less than six months into our Dragon Law subscription, we successfully closed our Angel round of financing. We are so thankful to have discovered Dragon Law and now only wish we did sooner!
Congratulations on the fundraising success! How do you foresee your continued usage of the Dragon Law app?
We are very certain we will continue to use Dragon Law as Bid4Ad enters into our new phase of business. I foresee I will be making use of the Consultancy Agreements as we engage additional service providers, Reseller Agreements as we build up our reseller network, and Employment Contracts as we grow our team in Singapore (apply here).
I also noticed along the way that Dragon Law continues to add new documents into its database. The beauty is that we will have unlimited access to this suite of documents and client service desk for as long as we are subscribed. It’s as good as paying for an ‘all-you-can-eat’ buffet for the entire year!
Your ‘all-you-can-eat’ legal buffet starts here:
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