When it comes to minimizing risks and maximizing efficiency in contract management software solutions, Tueri is rapidly becoming the anchor point in helping you to author and administer any number of contract documents. Having already closed a €100K pre-seed round led by Think Bigger Capital (Demium’s Asset Management Company) and generated greater value for their product, they are now ready to drive far bigger savings and guarantee tailor-made productivity for your company.
Q: Tell us about Tueri
We have realized it’s the year 2021 and one of the main issues thousands of companies still have to contend with is physically writing and accessing contract agreements, which end up misplacing. Digitalizing this process apace with offering digital signature tools is the exact issue our solution addresses. The on-going pandemic has put several things in perspective and led us to create Tueri: all contracts on one platform, saved and stored in the Cloud. We want to save companies time and money, helping them help their clients sign, save and access contracts easily, safely and efficiently.
It’s an expanding market mainly because of the novel coronavirus outbreak. A year ago, in 2020 the market value was $1.4M. It is estimated that by 2026 it is expected to be worth $140 M globally; a large portion of that sum will correspond to market growth in Europe.
We have realized that Spain is one of the European countries where the conditions of digitalization are reasonably advantageous. We have carried out surveys that show that 55% of Spanish companies fail in digital transformation. This means they lack basic software like CRM or even electronic mail services. And this is our niche target market. We have competition but they offer broad, general solutions.
For Industries that are least digital, generic solutions are best to be avoided unless companies can adapt to them 100% which is not really the case. Non-targeted strategies and solutions lack value leading to companies being unable or unwilling to step up digitalization.
We have observed that real estate is a very interesting niche. This is a major sector in Spain. There are more than 159,000 real estate agencies and even though the majority of them are small businesses, there is a considerable number of contracts being signed. Our MVP is already developed and validated by our first clients.
We are starting to gain initial tractions and iterate clients thanks to a multidisciplinary team of three talented professionals which allows for a harmonious and productive working environment. Dani is a full stack developer and he is our CTO. Our CMO is Luiz, with high expertise in startups. I’m the CEO; I’m a lawyer and have worked for important law firms and real estate agencies. This background experience has allowed me to spot the problem to solve and launch my startup.
Q: How did the idea come to existence?
I started working at a law firm company and then went into real estate. At Garrigues, the law firm I used to work for, we had a contract database with contracts made by all the lawyers from the firm. It was not technologically the greatest but very useful. Once I quit my job to create a company I decided to create a contracts database for subscriptions to ease things up, and that’s what I was working on right before joining Demium. I was also looking to build a team and find co-founders. Demium gave me both and together (me and my team) started validating the initial idea. We realized it wasn’t a particularly great business idea so we decided to gear the approach from another angle, focusing on the process itself; and that’s how Tueri was born.
Q: Why did you decide to apply to Demium?
In my case, because I was just starting to put together my startup and needed a team. When I applied for the Demium program, I should admit I wasn’t entirely ready to stay but I attended the AllStartup Weekend Event which was sensational. It’s where I met my team and learned tons. I did see the potential…
Q: What is it like to close the first financing round?
Demium has been an exceptional asset and mentor since day one. Thanks to them, investors believed in our product and saw its market value. It’s been a huge relief for us to have reached the milestone of our first financing round. And even if we hadn’t, we knew we were in it for the long haul. Resilience and perseverance work wonders. This financing round is bound to skyrocket our business and we’re truly satisfied about that.
Q: What will you use the funds for?
Mainly for paid marketing strategies following our already established LinkedIn processes. We also want to build a better social media presence, put together a solid sales team and generate sales leads. A couple of months ago, we started a lead generation campaign which went quite well. Our focal point, as of now, is to outline and structure a clear-cut marketing campaign to stand out and create an impact in our target market. We want to invest as little as possible and make our money glow. The idea of hiring many salespeople is not cheap and its implementation is costly. So, we’ll stick to our initial plan.
Q: What do you think investors value most about Tueri?
I’d say what they value most is the technological expertise of our team and also our soft skills and overall compatibility. There are two other professionals in our team, each one with a distinct profile and that ‘s precisely our forte: flexibility, team communication and team bonding. We’re lucky to have found one another.
Q: What are you looking for in investors?
We’re looking for investors who have a deep understanding of the market we operate in. I think it helps to find people who won’t only provide funds but will also share our vision as to how you’re looking to develop our product, and establish important connections with key figures and potential clients.
Q: What’s your advice for those entrepreneurs pitching to investors for the first time?
Know your investor. Be clear on your startup valuation and make sure you understand where your money will go.