Latch – New Zealand Entrepreneur Magazine

of Founder’s Focus Introducing entrepreneurs and innovators working on next-generation start-ups, social enterprises, and small businesses.

at a glance

Founder: Jung Mingyu

work: latch

Established: 2021

Headquarters: Auckland

Could you tell us a little bit about your business?

Contracts are the most important business technology in human history, but the process of negotiating a contract today is hardly any easier than it was when lawyers used faxes.

Latch is software that helps legal teams reduce the time, effort and costs spent negotiating contracts. Latch uses generative AI to create intelligent redline suggestions for users based on standard contracts.

Latch has raised funding from leading US and New Zealand investors including GD1, Craft Ventures, Daniel Gross, Phase One Ventures and others.

What is the background of your business idea?

Mingyu is the general counsel of a large New Zealand law firm and has seen firsthand how the contracting process has not been optimized. Mingyu was often seen in ranting discussions with his colleagues about how terrible her UX of the contract was. He eventually quit his career and taught himself how to code so he could build the first version of what would become Latch.

What programs, learning, and teaching have helped you so far?

I have been fortunate to have many wonderful real-life mentors, but most of the guidance I have received has come through the Internet. An ongoing diet of coding tutorials on YouTube, essays by Paul Graham, and blog posts on SaaStr have been invaluable resources. !

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