As part of the run up to our 30th Anniversary of EIS Celebration event, we are shining the spotlight on success stories of businesses that have grown using the Enterprise Investment Scheme (EIS) or the Seed Enterprise Investment Scheme (SEIS).
These stories demonstrate why it is so important for us to celebrate and support the schemes so they can continue to boost the UK start up ecosystem.
Danae Shell, co-founder and CEO of Valla, the DIY legal platform for consumers, found the SEIS and EIS “fundamental”
We spoke with Danae to learn more about how Valla used both the Enterprise Investment Scheme and the Seed Enterprise Investment Scheme to grow into a success story.
How important has SEIS/EIS funding been to your startup?
“SEIS and EIS funding have been fundamental for Valla – an SEIS fund participated in our pre-seed round, and EIS has helped us recruit a wide range of angels to work with us not only as investors but as champions and advisors.”
“EIS has also helped us attract more female angel investors – 63% of our angel investors are women.”
How much did you raise and from who?
“We raised £100,000 from the Ascension SEIS fund and then have raised over £350,000 from individual investors.”
What has SEIS/EIS investment enabled you to do?
“SEIS and then EIS enabled us to test and build our technology before launching to the market, giving us the essential R&D time to get the product right and launch with momentum.”
“Our AI research supported by tax-efficient investment has helped us become one of the cutting edge AI companies in the legal technology space in the UK.”
How are you changing the world?
“Valla is changing the world by making legal services accessible and affordable for everyone.”
“Every year, 7.5 million adults in the UK face a legal problem, but too often, people can’t afford to pay a lawyer. In 2017, 63% of UK adults reported that they found legal services too expensive.”
“As lawyers have become more unaffordable, huge numbers of people are forced to navigate the complex legal system on their own. According to Ministry of Justice data, self-representation in Employment Tribunals rose 260% since 2016, and now around 40% of family law cases have no lawyer on either side.” “Our AI-powered legal platform is built to solve this problem. Using Valla, consumers can collect evidence, manage their case, and connect with lawyers for fixed-priced advice.” Since launching their platform in April 2022, Danae shares that Valla have already:
- Grown to over 8,000 users and over 100,000 social media followers
- Been rated “excellent” by our customers on Trustpilot, earning an NPS of 57, over 100 points above the UK legal sector average of -54
- 10xed our sales from 2022-23*
- Selected to work with UK legal regulators in the prestigious LawTech Sandbox in 2022
- Participated in “legal unbundling” pilots with the Solicitors Regulation Authority and the Law Society of England and Wales
- Been named “One to Watch” by Sifted Magazine
Want to discover more EIS and SEIS success stories like this one?
You can read more stories of how businesses have grown using the schemes here. If you are a founder and would like to share your EIS success story, please contact us here.
Learn more about the 30th Anniversary of the EIS event
