In Founder Focus we introduce entrepreneurs and innovators working on our next generation of new business startups, social enterprises and small businesses.
At a glance
Founder: Min-Kyu Jung
Business: Latch
Founded: 2021
HQ: Auckland
Can you tell us a bit about your business?
Contracts are the most important business technology in human history, but the process of negotiating a contract is barely any easier now than when lawyers were using fax machines.
Latch is software for legal teams to reduce the time, effort, and cost spent towards negotiating their agreements. Latch uses generative AI to create intelligent redline suggestions for users based on their standard agreements.
Latch has raised capital from leading US and NZ investors including GD1, Craft Ventures, Daniel Gross, Phase One Ventures, and more.
What’s the backstory for your business idea?
Min-Kyu was a corporate lawyer at a major New Zealand law firm and saw first-hand how under-optimised the contracting process was. Min-Kyu would often be seen in water-cooler discussions venting to colleagues about how contracting had a terrible UX; he eventually left his career and taught himself how to code so he could build the first version of what became Latch.
What programmes, learning or mentoring have been of assistance so far?
I’m fortunate enough to have many incredible real-life mentors, but most of the mentorship I’ve received has come through the internet — a steady diet of YouTube coding tutorials, Paul Graham essays, and SaaStr blog posts have been an invaluable resource!
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