Copenhagen-based Contractbook offers a collaborative cloud-based platform that manages the end-to-end contract lifecycle.
Contractbook raises Series B
In a recent development, the contract automation platform, announced that it has raised $30M (approx €24.7M) in its Series B round of funding led by Tiger Global. In addition, existing investors, including Bessemer Venture Partners, byFounders, and Gradient Ventures, also participated in this round.
The funding follows the company’s recent Series A funding of $9.4M (approx €7.7M). Contractbook claims it has grown three times year-on-year since its inception in 2017, and has secured a total funding of $43.6M (approx €35.9M), to date.
Contractbook – an all-in-one contract flow
Founded in 2017 by Jarek Owczarek, Niels Martin Brochner, and Viktor Heide, Contractbook is a document automation company that can create, sign, and store all your legal documents on a single digital platform. Its aim is to future-proof your business by making it easy for you to take advantage of modern technologies such as AI and machine-learning.
According to Contractbook, it helps in increasing transparency in the organisation, secure compliance, save valuable time as well as create better contracts. Integrated with a suite of business intelligence tools, the company’s technology enables process automation and seamless business operations for its customers.
Contractbook’s Founder & CEO, Niels Martin Brochner explains, “99 per cent of the value from a contract comes post-signature, but this process has received almost no attention, until now. We are revolutionising the existing online contract signing tools of today by creating the contract management platform of tomorrow and showing people that simple PDFs are an impediment to today’s efficient work environment.”
Contractbook currently serves over 150,000 users in more than 75 countries. Also, the company believes in a sustainable tech industry based on data-ethics and green energy, and therefore, it plants a tree for every 100th signature transacted on its platform.
Aim of this fundraise
The raised capital will help the company to expand its services into the US market in order to propel the contract management world into the next step of automated solutions.
Current round’s lead investor, Tiger Global’s Partner, John Curtius, says, “Contractbook’s premium, proven and highly competitive product has differentiated itself from any other player on the market. We see Contractbook as the bridge between a manual present and an automated future for the future of contracts. We are excited to partner up with them to conquer the US market.”
About Tiger Global Management
Founded in 2001, Tiger Global Management is an investment firm that focuses on private and public companies in the global Internet, software, consumer, and payments industries. The firm has invested in hundreds of companies across more than 30 countries in all stages of funding – from Series A to pre-IPO.
The venture business, currently investing its twelfth fund, aims to partner with dynamic entrepreneurs operating market-leading growth companies; examples include JD.com, Meituan, Facebook, LinkedIn, Spotify, Peloton, Credit Karma, Toast, Stripe, ByteDance, Stone, Warby Parker, Flipkart, Despegar, Ola and DiDi.
Tiger Global is based in New York with affiliate offices in Hong Kong, Beijing, Singapore and Bangalore.