Lexigogo 1A

Equity Belgium 107 investors Tax Shelter applicable

Tax Shelter

First video contracting app
€4,500,000
Pre money valuation
10.9%
Equity offered
€98,300
Amount raised
0 days
Remaining
€50,000
Minimum target
197% funded
This campaign ended and is now negotiating with select business angels
Contact us if you are interested in a private meeting with this entrepreneur.

DISCLAIMER

Every investment decision must be based on an examination of an exhaustive set of information provided by the entrepreneur on his online profile. Spreds only proceeds to a limited verification of this information and does not control the investment opportunity within this company. Spreds did not verify the extent to which the business plan is deemed realistic and does not intervene with the final Information Note, including the retained maximum valuation. Spreds will align itself with the financial terms negotiated with the co-investor(s).

Lexigogo, the world's first video contracting company

Founded in Belgium, Lexigogo is the first video contracting company in the world engaged in the development of mobile applications allowing users to video-record agreements and transactions in a legally binding way without the need and hassle of time-consuming and costly written contracts. Lexigogo launched its first mobile video contracting application for smartphones (iOS and Android) in November 2018 and has today multiple other products and applications in the concept phase, including a SaaS/PaaS solution, 'in-app' applications (e.g. Skype video contracting), smart contracts and other block-chain applications, AI and VR/AR applications, and video contracting on displays (e.g. head-mounted displays such as Google glasses). The Lexigogo technology, methods and systems are protected by an international (PCT) patent application supporting the company's overall ambition to become the worldwide reference in the field of mobile video contracting, both for consumers and businesses.

Validating verbal agreements without the need for written contracts

Most agreements we make in our daily lives are verbal ones. It is only for the few most critical and substantial agreements that we decide to translate these into a written contract. People often rely on verbal agreements only for a number of reasons. More particularly, written contracts can be perceived as being too formal when people know and/or trust each other (e.g. family and friends), can require expensive lawyers, can be time-consuming to draft and negotiate, requires pen and paper which may not be available at the time the agreement is made, or requires complex writing and reading skills some people do not possess. Although verbal agreements are generally just as valid as written agreements, the problem with verbal agreements is the difficulty in demonstrating and enforcing the contract terms due to an apparent lack of supporting physical evidence. As a result, when not supported by a written agreement, verbal agreements can lead to misunderstandings and disputes between the contracting parties or – in a worst-case scenario – expensive and time-consuming litigation and judicial procedures. The Lexigogo mobile video contracting applications truly anticipate and address this market need providing consumers and businesses with a powerful tool to facilitate personal and business transactions whilst providing sufficient physical evidence enforceable in court when needed.

Lexigogo's Unique Selling Proposition

Lexigogo video contracts combine the best practices of verbal and written agreements, and offer multiple advantages over both:

  • Compared to written agreements or text documents, Lexigogo video contracts offer audiovisual (video) proof allowing users to add more content, detail, legal intent and visible emotion to their agreements, which in turn also helps preventing misunderstanding and (legal) conflicts afterwards.
  • Lexigogo is easy, fast and cheap. Creating a Lexigogo video contract only takes a few minutes obviating the need for time-consuming and costly written contracts.
  • As we all have our mobile device nearby all the time, Lexigogo video contracts can be made literally anytime and anywhere (e.g. in a restaurant, at the beach or just outside on the street).
  • In some situations, Lexigogo video-contracts may also reduce the “emotional” burden associated with written contracts (e.g. lending money between friends and family).
  • Lexigogo video contracts do not require complex reading or writing skills providing (functional) illiterate people with a powerful tool to assure themselves they truly understand what they agree upon (in the Western world alone it is estimated that 1 out of 6 people cannot properly read or write but do sign written contracts and documents every day).
  • Lexigogo video contracts are electronic documents signed with electronic signatures and therefore legally binding according to most national and regional laws around the world, including Europe, the US, Canada, Russia, India, Brazil, etc.). For more information about the legality and validity of Lexigogo video contracts, see below.

Lexigogo uses are countless, both for consumers and businesses

Lexigogo offers not only more legal comfort and "peace of mind" to individuals and consumers, it is also a great tool for small and large businesses to simplify and accelerate operational processes, to reduce paperwork and save time, and to support and enhance customer services. Use cases for consumers and business are countless. Here are just a few examples:

  • Contract assignments. Want a room painted? Need a home repair? Visually capture the space or repair involved and set the terms with your contractor. Create another video upon project completion to vouch for a job well done.​
  • Lending money. Borrowing or loaning money? Simply record how much and repayment terms to validate what is often just a verbal agreement.
  • Selling personal items. Easily record any sales transaction, showing the item for sale and its condition. Leave no room for dispute once the sale is completed.
  • Lending personal items. Tired of people borrowing your things and keeping them or bringing them back in poor condition? Avoid damaging friendships over material goods by making a video contract. It’s a great reminder tool to return items as well.
  • Entry and exit inspections. Prove that the room you rented was in good condition before and after use.​ No more endless disputes whether damage occurred before or after! Over the past few months, Lexigogo has indeed become quite popular among Airbnb hosts and guests.
  • Confirming deliveries. Did the furniture you ordered arrive as expected or was it damaged, requiring replacement? Just take a quick video upon arrival and add visual proof!
  • Performing artists. In today's music world, most agreements are still made verbally. Simply video-record band contracts, copyrights, artist rights or agreements on live venue performances to avoid any disputes afterwards.
  • Worry-free in the Sharing Economy. From bikes to clothes and from flats to household tools. We are, increasingly, willing to share what we own with others. Avoid disputes about whether damages occurred before or after sharing by taking a quick video.
  • Real estate property management. Real estate property management firms can use Lexigogo not only for entry and exit inspections but also for validating agreements with contractors and repair firms, as well as for monitoring the quality of repairs and maintenance.
  • Art galleries and dealers. Want to quickly validate the sales of an artwork, a commission of an art piece or an agreement with an art gallery about your next exhibition, just make a Lexigogo video and add visual proof.
  • Talent release forms. Lexigogo is a great tool for film production companies and modeling agencies to capture the permission of talent to distribute or publish their productions, without the hassle of written contracts.

The Lexigogo technology is patent pending

The Lexigogo mobile video contracting technology is patent pending. In 2018, Lexigogo has filed an international PCT patent application covering a broad range of methods, systems and applications. Earlier this year, the company received a first International Search Report from the European Patent Office indicating all claims are considered to be novel meaning no 'prior art' has been identified. When granted, this IP will provide 20 years of market exclusivity enforcing our goal to become the worldwide reference for mobile video contracting.

The #1 video contracting app for smartphones

In November 2018, Lexigogo beta-launched the world's first mobile app for both iOS and Android smartphones. Based on the feedback from the first test-users (200-300), we have implemented a number of important updates to the app for release in May 2019.

Creating a Lexigogo video contract is easy and only takes a few minutes. First, one of the contract-parties launches the Lexigogo app, video-records the agreement and adds the counterpart to the video-contract. The draft video-contract is then uploaded onto the Lexigogo server from where it is automatically sent to the other party for review and acceptance. Once both parties have accepted (‘signed’) the video-contract with their password, it becomes effective. Effective video-contracts are securely stored in the Lexigogo Cloud for easy access by both parties at all times.

Over the next months and years, Lexigogo plans to further enhance the app with new features and functionalities, including multi-party contracting, company accounts, opportunity to add other digital files to video contracts, easy sharing of video contracts, and Lexigogo Contract Templates.

Contract Templates refer to a menu-based tool indicating which key-items the user has to record to ensure that all terms and conditions of a specific agreement are covered. Initially, we will develop and curate a number of Contract Templates ourselves and offer them on a free or premium (paid) basis. In a next phase, a web-based CMS platform will be integrated allowing users and businesses to create proper tailor- made Contract Templates according to their needs and interests.

Legality of Lexigogo video contracts

Lexigogo video contracts are electronic documents signed with electronic signatures. According to most national and regional regulation (including in the United States, the European Union, Brazil, Canada, Australia, Russia and India), electronic signatures cannot be denied legal effect in court and are therefore legally binding for almost every personal or business transaction.
The Lexigogo workflows and processes have been developed in such a way that
[1] each user can be uniquely identified and linked to a signature through the use of email verification and a password-based signature,
[2] each user has access to his or her effective (‘signed’) video contracts at all times, and
[3] the entire process of recording and storing is performed from within the Lexigogo app meaning that users cannot manipulate or alter effective video-contracts afterwards.

It is important to point out that some transactions are not suitable for electronic signatures and explicitly require handwritten contracts or a formal notarial process. Such exclusions vary from country to country but commonly include transactions involving or related to official court documents, powers of attorney, wills, adoption and divorce documents and real estate contracts.

TAX SHELTER 45%

This business qualifies for the startup tax shelter. If you meet the conditions, 45% of your investment will be reducted from your personal income taxes. Read more…