Cary-Based Legal Tech Startup Seeks More Funding

9/27/16

A legal technology startup offered its second round of equity offerings in the past month.

According to a filing with the Securities and Exchange Commission, Virtual Legal Proceedings Inc. offered $280,000 in equity.

In the 14 days since the offering, the Cary-based company sold just under $12,000. It did not report the number of individual investors.

Virtual Legal Proceedings became incorporated this year. In August, it offered $291,771 worth of shares and sold the entirety in 15 days.

The company reported $75,000 will be used to compensate executive officers. Intended uses for the remaining amount were not disclosed.

Virtual Legal Proceedings reported having no current revenues. The company formed last month, according to the Secretary of State database.

Companies similar to Virtual Legal, which rely on a Reg D exemption, aren’t required to register securities offerings with the SEC, but instead they must file a Form D electronically with the SEC after they sell the securities.

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