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Print Edition StoriesThursday, January 15, 2009
FirstDocs gets $3M backing
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Westwood-based FirstDocs Inc. has received a $3 million Series A funding from Boulder, Colo. venture capital firm Foundry Group, the website PE Hub reported, citing regulatory filings.
FirstDocs makes document management and sharing software for the legal industry.
Foundry had disclosed the investment on its blog on Jan. 6, but had not specified an amount.
In that blog post, the company noted that FirstDocs does not fit Foundry’s typical investment themes, which it describes as startups that “have the ability to drive a cycle of innovation (and hence provide multiple investment opportunities) over a period of five to ten years or more.”
However, FirstDocs CEO Dan Gaffney contacted Foundry partner Jason Mendelson after reading some of Mendelson’s ideas on inefficiencies in the legal business, Mendelson wrote in a post on his personal blog. Foundry said it was comfortable with Gaffney’s business plan based on its previous success as an investor in the legal e-Discovery provider Stratify Inc., acquired by storage company Iron Mountain Inc. in 2007 for $158 million.
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