San Antonio-based E-legal Inc., which does business as Easy Expunctions, raised $6.2 million in equity funding, according to a document filed to the U.S. Securities and Exchange Commission on Oct. 22.
The Series A funding round was led by Massachusetts-based VC Morningside Technology Ventures, Virginia-based Stand Together Ventures Lab, TheLegalTech Fund with participation from existing investors such as Austin-based Capital Factory, Graham Weston, Pat Matthews, Springtime Ventures, Cleo Capital and Rice University Ventures, Easy Expunctions CEO Yousef Kassim told the Business Journal.
A total of 17 investors participated in the funding round with the first date of sale listed as Oct. 15.
All of the new investors brought in were strategic, as the company looks to scale into more markets, Kassim said. The company will also use the garnered funds to increase its employee headcount to at least a dozen within the next year and expand its product offerings.
Easy Expunctions, founded in Austin in 2015, sells software that helps people expunge their criminal records on their own, almost like the "Turbo Tax for clearing your criminal record," Kassim, said. It moved its headquarters to San Antonio in Aug. 2016 with incentives from the city of San Antonio and Bexar County, as previously reported by the Business Journal.
Roughly $1 million of the total is a conversion of previously raised financial assets, according to the filing.
Roughly $36,000 of the funds raised will be used to repay two loans that are under the names of Easy Expunction's co-founders, CEO Yousef Kassim and its Chief Operating Officer Nour Awad, the filing said.
Kassim and Awad are listed as executive officers and directors on the raise, alongside the company's other co-founder, Chief Marketing Officer Rommy Kassim, while local entrepreneur George Atallah and a Boston-based attorney and the founder of Stavvy, a financial services software startup, Konstantinos Ligris, are listed as directors of the company.
The company is not done raising this round of funding, as it has a goal to raise a total of just north of $7 million, according to the filed document.
This story has been updated with company perspective on the fundraising round, as well as to correct the name funders for this raise.
