• Boosted development in H2, on the back of a paid trial with a mid market customer (our biggest tech project to date).

• Moved to a new database architecture New workflows (intake, approvals), increased speed.

• Invested in events and brand-building: 4 legal innovation / tech events, with demo stands and keynotes.

• Boosted social presence with AI debate, flashmob and regular #theSlot video content.

• Community growing slowly, but doubled in size. Won our first project through the community.

• Completed a project with MBA student to refresh competitive landscape etc, as prep for investment round.

• Revenue £112.5 k (+73% year-over-year growth).

• Big hole in revenue for most of 2023. Repeat projects, existing pipeline and ROI from events did not materialise

• July - Oct gap bridged by £15k in shareholder loans.

• Ongoing relationship building effort with Nordea „saved the day“: €80 k Design Academy Contract in Q4. Nordea = 70% of revenue in 2023.

• Stable spending on dev and marketing/sales. People cost increased by 29% (project delivery, sales funnel and community).

• Year-end Cash in bank net of shareholder loans £23k.

• Bring home TimeOut paid trial, convert to subscription (should be £15-20k p/a if successful).

• Productise Nordea design academy and sell to other corporates. Launch our own paid design course.

• Launch a low-end / PAYG toolkit for start-ups and SMBs, starting with employment/hiring contracts.

• Focus dev work on the above (SMB toolkit, and enhancing capability as a self-serve workflows for small legal teams).

• Look for a way of boosting the community and replacing our community lead. Develop new employee Sam.

• Find funds for AI project.

• Closed SEIS round 20% funded. Still need to close on sweat equity shares - but delaying this cost.

• Delivered major projects for Nordea and AMX, proposals in play for major repeat projects but delayed until after summer 2023.

• Great value from our new hire, including community growth, project support and links into Italian market.

• Invested in conferences and LinkedIn outreach to build pipeline. Some big proposals including from our relationship with LexSolutions.

• Launched business plan refresh, and discussing AI project with experts. Ready to go as soon as we have funds.

• 12 month revenue £84k (biggest source of funds) but patchy in spring 2023: run rate of £7k (vs £15k in Dec), covering 80% of running costs.

• Invested in legal conferences which have shown the best ROI so far.

• Increased people cost with Marco Mendola (community and customer success lead) full time from Jan 2023.

• SaaS marketing was a big investment but drop in SaaS revenue and spending in 2023 has not achieved ROI.

• Very tight cash position, revenue not sufficient to cover running costs. We reduced burn rate by delaying increases in people cost and R&D.

• Complete business plan and pitch refresh, prepare new funding round.

• Execute HR beachhead product and campaign.

• Keep building the mid and long term pipeline.

• Keep growing the community beyond the 100+ members, create user testing groups.

• Press on with development of both webmode and Wave 2 and launch AI project.

• Find a way to accelerate development of self-serve templates and clause library.

Pre-seed 18% funded, expecting 20% by mid-January. Interim draw-down of £35k gives us a cushion for the new year.

Broke the £15k monthly revenue barrier in December.

Secured projects with 3 other legal teams in Nordea, one of our two biggest legal design customers - a good boost for our Q1 pipeline.

Hired customer success and community manager role - started 3 January.

Secured SDR resource for a 3 month trial, to follow up on SaaStock and SaaS beachhead - starting 9 January.

• Refresh pre-seed campaign, with a focus on angel syndicates and legal tech angels.

• Execute beachhead sales campaign with SDR.

• Make the “private” beta community public with the help of our new hire - grow current member base from 50 to 100+.

• Press on with development of both webmode and Wave 2. With the funding drawdown we have funds to allocate to ISO27001 or another development project.

• Accelerate the development of self-serve templates/tools for SMEs.

• Finished the year at £62k (ahead of business plan £53k).

• Majoto self-sustaining at Q4 burn rate if revenue continues at £15k per month and no salaries for management team.

• However planned Q1 expenses increasing to £20k per month so we need to continue to raise the monthly revenue.

• Total investment in SaaStock and related beachhead marketing in H2 was £20k; so we now need to prove the beachhead and secure the ROI in H1 2023.

• Pre-seed round 14% funded, with visibility to 20%.

• 10 customers, revenue booked £50k, visibility to £70k year end. Run-rate building up to £15-20k /month.

• Continuing to add functionality in webmode (data, risk, approvals, doc import) while building the visual editor in Wave 2.

• Successful first exhibitor event at SaaStock 2022 in Dublin, 100 qualified leads.

• Putting in place a sales (SDR) resource for a 3 month trial, to follow up on SaaStock and SaaS beachhead.

• Ready to make an offer to our first full-time hire (customer success and community manager role)

• Continue with pre-seed campaign focussing on angel syndicates and legal tech angels.

• Execute beachhead sales campaign with SDR and supporting social campaign.

• Make the “private” beta community public - grow current member base from 50 to 100+.

• Hire and onboard customer success FTE.

• Press on with development of both webmode and Wave2. ISO27001 project TBC - postponing slightly.

• New project with South African content and platform partners to develop SME toolkit targeting SA SMEs.

• Revenue kicking in as major source of funding. Year-end forecast £71k (ahead of business plan £53k).

• Majoto self-sustaining at current BAU burn rate if revenue continues at £15k per month and no salaries for management team.

• Revenue (esp. from design projects) has allowed us to invest more in customer acquisition, people and product (dev. expenses up from £5k / month to £8k).

• Any additional monthly revenue will allow us to hire (each additional £5k = 1 FTE) including salary for Denis.

• Expect to end year with £30k liquidity as result of revenue and funding draw-down.

• Closed “final call” SEIS round £30k with two new investors.

• Launched Pre-seed round, targeting £350k. 13% funded (£15k new invested), with visibility to £60k.

• Generating revenue since May. 8 customers, booked £27k, visibility to £60k year end. Run-rate building up to £15k/month in Q4.

• Implemented new UX and features in browser mode. Working on native style/template editor in Wave 2 to move away from Google Sheets.

• Continuing to work with SETsquared incubator to hone market approach and investment readiness.

• Refresh pre-seed campaign. Close “as is” in October and look to raise later with more traction under our belt.

• Launch our beachhead product at SaaStock conference in Dublin in mid October.

• Hire a customer success FTE, if we meet or exceed our revenue target.

• Convert more design customers to tech subscription (Majoto sandbox using webmode).

• Progress development of an SME toolkit (content).

• Press on with development of both webmode and Wave2, as well as ISO27001 project.

• If funding round is successful, we move forward as per the business plan.

• We have built a “boot-strap” scenario if we pause any further funding (see above).

• This shows Majoto as self-sustaining based on current levels of spend (dev £4-5k per month), customer revenue (£15k per month at end of year), and no salaries.

• Under this scenario, we maintain around £30k in cash, as a cushion for unforeseen spend.

• Any additional monthly revenue will allow us to hire.

• New features in browser mode: dynamic agreement maps, auto-numbering, full edit mode.

• Launched private beta with first set of template workflows. Growing the private beta community.

• Won our first design client; building a pipeline including leads from the beta community.

• Joined SETsquared incubator. Working with mentor, have identified beachhead product and target market.

• Working with two new content partners on beachhead products.

• Closed Angel #2. Soft launched seed campaign, launching fully in 1 month. First investor secured.

• Promote pre-seed campaign.

• Progress social campaigns and activity within beta club.

• Promote design services and secure first design customers.

• Continue to hone business plan to account for new beachhead focus.

• Security project as first step towards ISO27001 (on hold since Q1 to conserve runway).

• Total spend YTD: £34k. May-Aug forecast £44k.

• Product dev the biggest spend: £38k.

• £20k Jan-Aug invested in fundraising (video, campaign, investor platform). Platform allows us to run a secondary funding round and manages our cap table etc; video reused for marketing and social.

• YTD funding £50k + director’s loan £5k.

• Current cash position = runway to June. £30k needed to extend runway to September; a third of that has been secured from first seed investor.

• We are targeting £50-70k early bird seed investors to use our remaining £77k SEIS.

• Built browser mode MVP with a choose-edit-share-sign workflow.

• Launched private beta club (beta testing plus a broader community around contract design).

• Promotion video for investors done. Progressing a white paper with contributors from the legal design world. Launched new website.

• Engaged new investor and potential member of the management team, Paula Doyle.

• Opened Angel #2 (growth shares + £30K pledged, + another £20K tbc. Gives us a bridge to the seed round.

• Worked with a UX designer on the next product iteration.

• Complete Angel #2 (January-February depending on SEIS advance assurance).

• Start reach-out to potential Seed investors. Targeting a seed round March-April 2022.

• Launch social campaign using the white paper and video.

• Build the beta club. Secure new trials, unblock old ones.

• If full funds pledged come through, accelerate development effort prior to the Seed round.

• Start project on security as first step towards ISO27001.

• Develop the business plan with the extended management team.

• Total spend: Q4 £20k. PD £12k (browser mode and new UX design).

• Admin £6k - driven by £4.5k legal costs for growth share scheme and Angel #1.1.

• Year end bank account £2.3K cash balance. Director’s loan from Denis of £10k in January to bridge to Angel #2.

• Angel #2: £30k pledged by new and current investors to bridge to SEED funding round, another £20K tbc. Runway to May ‘22.

• Spend forecast Q1: PD £15k, sales & marketing £7k (including promo video), G&A £10k (including legal/tax advice for SEIS and Angel #2).

• Shift to browser mode has slowed down the overall product roadmap, but is resulting in a fundamentally better product experience and frees us from Google Sheets constraints.

• We’ve made good progress on product market fit, brand, business plan, securing new funding and team members.

• The challenge remains traction. Prospects did not buy into Google Sheets even if they liked the functionality, or IT departments did not want to onboard Google. We’re solving both these challenges with the new browser mode and eventual shift to a full platform.

• Completed top-up funding round - extended runway to end of year.

• Ramping up development with an additional team member.

• Developed first MajotoLite workflow (new webmode) - see demo video at end.

• Appointed Manu Kanwar as UK director.

• Launched new social campaigns with marketing intern.

• Key new relationship with WCC (World Commerce & Contracting) - resulting in two current opportunities with multi-nationals.

• Complete and launch MajotoLite: webshop with self-serve templates - initially free, then paid.

• Angel #2 funding round end of year. Have expressions of interest.

• Secure paid trials / conversions.

• Kick start next development phase: more advanced workflows in MajotoLite, re-code and simplification of baseline system.

• Progress design/UX/wireframe for Wave 2.

• Set up user groups.

• New prospects: World Commerce and Contracting (WCC with introductions to 2 big corporate customers and potential for more.

• New trials at Milan law firm and a legal designer.

• New intro’s to legal and tech consultancies.

• People: Paula Doyle - Chief Legal Innovation Officer at WCC. Interested in investing and getting involved more deeply in the business.