From the ideation stage to full product launch and revenue generation
The founders of GapApp envisioned the product as a SaaS tool that will serve consultants seeking to reshape their expert services. The concept of the app was designed in 2022 by a team comprising legal tech experts and engineers. Throughout the planning and ideation stages, the team had foreseen Q1 of 2023 as the breakthrough moment when GapApp will see the light of the day.
So it happened, the MVP was released at the beginning of the year, marking its entry into the market! Shortly after releasing the MVP, GapApp started gaining traction with market leaders (and generating revenue!).
Experts and investors recognized GapApp’s potential
Thanks to the reputation and drive of the founders, leading consulting firms in the EMEA region continued signing up to use GapApp. This growth potential did not go unnoticed. GapApp successfully qualified for the Katapult accelerator program among 20 other startups. Supported by the World Bank and the European Union this programme aims to assist promising startups in scaling up and securing additional investments, while providing a 300.000 EUR, equity-free matching grant! GapApp was one of the few startups to secure investment within 9 months after the acceleration program, meeting the criteria for receiving Katapult’s matching grant.
Expansion followed
Following our initial business success, the next logical step was to invest in talent. Company management prioritized the expansion of our engineering, sales, and business development teams. Within a short span, we welcomed several experts with the goal of further enhancing GapApp and fostering substantial business growth. We’ve also bolstered our Advisory Board by welcoming a team of globally recognized experts who share in GapApp’s mission and are dedicated to investing their valuable time and expertise in our venture.
Driven by our escalating ambitions, we made the strategic decision to establish a physical presence where major market players operate. Consequently, we secured a location in the vibrant landscape of the UK by opening GapApp headquarters in London, serving as the base for our UK market business development team. Meanwhile, strategically, our GapApp research and development center remains situated in Serbia, where the business development team for the SEE region is also based.
This strategic move didn’t go unnoticed. In Q2, GapApp secured a significant financial investment from SFC Capital, a prominent UK-based venture capital fund. SFC Capital is known for its active involvement with more than 400 early-stage startups in its investment portfolio. This infusion of funds empowered our team to further refine the product and bolster our business development initiatives across both the UK and the SEE region.
Despite our relatively brief presence in the UK at that time, it evidently captured attention within the LegalTech ecosystem. In Q3 of 2023 GapApp gained admission to LawTech UK accelerator, a UK government initiative funded by the Ministry of Justice. The primary aim of this program is to drive innovation in the legal sector by advocating for the adoption of advanced technological solutions.
Innovation happened naturally
Simultaneously with the expansion of our team and the increase in investment, GapApp’s business development team established a robust presence in the market by engaging with leading consulting firms and companies in both the UK and the SEE. This dynamic interaction with users proved immensely valuable, as the feedback we received served as inspiration to further enhance the application.
Firstly, we recognized that beyond GapApp’s features designed for automating and scaling consulting services, users also acknowledged the app’s potential to enhance their business development endeavors and improve engagement with potential clients. Consequently, the GapApp team conceptualized and developed a new feature named Public Bot. This feature enables users to efficiently leverage their business development and communications channels. Thanks to the new feature, users are able to promote their service and engage clients while minimizing the investment of their non-billable hours. Communicating this significant innovation to our target audience became a primary focus for GapApp’s business development team, leading to the launch of the new GapApp website in Q3, among other initiatives.
Secondly, through our research and development (R&D), we successfully grasped the application of AI within the GapApp business model. This groundbreaking AI technology will be seamlessly integrated into GapApp, enabling the automatic generation of Bots based on users’ preferences and tailored to their expertise. Consequently, GapApp users will be able to use our pre-trained LLM as a service which will dynamically adjust to both user behaviors and their clients’ needs. Thus they will create a base of expert and business development knowledge with unprecedented, industry-focused market and client insights. In addition to generating business value on multiple levels, our team has made security and model accuracy an absolute priority. That’s why our model is privately stored, pre-trained and supervised by a licensed professional within our user’s organization.
New partnerships and backers!
The acknowledgment of GapApp’s new features initially stemmed from the influx of new users we onboarded, along with the extensive list of companies that sought trial accounts. Consulting firms comprehended that GapApp could significantly impact their business development and promotional activities, potentially attracting new clients.
Simultaneously, prominent figures in the startup ecosystem recognized GapApp’s ability to transform the methods through which experts and consultants market and deliver their services. Among these entities, EBRD welcomed GapApp into its Star Venture programme alongside 7 other startups from the SEE region. This program is specifically crafted to empower the most promising startups, facilitating enhancements in their efficiency and fostering rapid scalability through financial and expert support.
A1 , a leading International telecom company also recognized GapApp’s potential. A1 evaluated GapApp and three other startups to have the highest potential for strategic partnership. This signifies that A1 intends to incorporate GapApp as an additional tool within its suite of corporate client offerings, complementing A1’s core services.
The pinnacle moment arrived in Q4 when GapApp was shortlisted by the TLTF summit in Miami, Florida (US), to showcase its product among the most promising LegalTech startups. This summit stands as one of the most prominent and renowned Legal Tech events globally. It presents a significant opportunity for the GapApp team to join the ranks of major players in the legal industry and lay the groundwork for its entry into the US market.
New Year to bring more excitements
This recap of 2023 leaves us feeling incredibly proud of the achievements accomplished by the GapApp team, making it a remarkable and hard-to-top year. It stands as an inspiration and a significant source of enthusiasm propelling our crew to strive even harder in 2024.
We extend an invitation to stay connected and join us on this incredible journey ahead. Your continued support will be integral as we aim to reach new heights and embark on the next phase of GapApp’s growth and success.