Jamie Peebles, a former McKinnon Patten & Associates attorney, learned early on that drafting a contract was a tedious and mundane task. This frustration was Peebles’ catalyst to teach himself how to code and provide a solution; thus, Knuula was born.
Frisco-based Knuula, founded in 2018, is a smart contract company built for accountants, bookkeepers, and tax professionals. Knuula was designed to reinvent how accounting firms handle engagement letters with their clients, using innovation and automation. Knuula’s technology lets users complete a draft and create their first contract in 10-15 minutes (30-60 clicks). After the initial contract, creating each subsequent contract only takes 1-4 minutes (2-10 clicks). The contract templates are customizable and allow users to upload a logo, appearing on every contract and PDF version created.
“There hasn’t been any true large-scale innovation for how you make a document. And [we] think that we can make a platform that gives people the best document-creation experience possible. We can be somewhat of a contract marketplace, where all those templates exist in one place, pretty much anything you can come up with that your business might need.” Jamie Peebles, founder, and president of Knuula
How it works:
- Open a Draft: choose from pre-drafted, industry-specific templates designed for specific engagement types.
- Customize: add, remove, and customize different variables and sections to fit the needs of each engagement.
- Select Clients: quickly add a client to your draft to create a new contract or choose multiples clients to develop contracts in bulk.
- Review and Finalize: easily navigate from one section to the next to review and finalize your draft before sending it for e-Signature.
- e-Signature: clients will receive an email with a link to the Knuula website, where they can view and electronically sign your contract.
- Use it Again and Again: all changes are saved so you can use the same draft for future engagements without having to start from scratch.
Knuula has kicked off a new $500,000 fundraising effort to continue its growth, with an expectation to have roughly 50 templates on the platform by the end of 2021. Currently, the platform is seeing a month-to-month revenue increase of approximately 20%, with around 6,000 contracts made with the software to date.
Peebles said the current state of remote and hybrid work boosted the business. Furthermore, the startup is finalizing a bulk license deal with an “established” professional liability insurance company that can bring profitability to the platform.
“It’s beyond proof of concept, beyond product-market fit. Being accepted by an established professional liability insurance company would be the biggest stamp of approval for this platform,” Peebles said.
The company has raised $370,000 so far, half of which came from a client-turned-investor, Emmet Castro, owner of an accounting firm in California. Knuula’s $500,000 fundraising effort focuses on developing its software and creating more contract templates. Peebles said Knuula is looking to hire two software developers, bringing Knuula’s headcount to six. As it grows, the company aims to develop more generalized contract templates to target business lines outside of public accounting.