Most of the business relationships begin with a contract that sheds light on how the business gets done. Many companies manage their contractual process through emails and printed documents. However, this can lead to a host of problems like misfiling, misplacing, and more.
In an attempt to end this tiring process, a host of contract management platforms has been developed in the market. In the past year, the legal tech market has exploded with investment increasing to $1.2 billion, a 718% increase since the year prior. In 2018, the contract management market segment alone was estimated to be worth $1.1 billion.
For the uninitiated, contract management software is used to streamline the contract lifecycle process. At present, there are lots of contract management platforms available that help distinguishes them from their rivals while assuring that the core needs of a contract manager are met.
Based out of Copenhagen, Contractbook is a digital contract management platform where modern businesses are able to draft contracts using updated templates.
Lately, the company has raised €3.5 million from a syndicate led by Gradient Ventures, Google’s AI Fund, the Nordic VC-fund byFounders, and a group of key angel investors. The SaaS platform is planning to use this funding to add further flexibility and functionality to their solutions.
Niels Martin Brochner, CEO and founder, at Contractbook, said:
With the new capital, we are ready to expand Contractbook’s footprint globally. We believe that our continued product focus and iteration will enable our customers to manage the full contract lifecycle through one platform. We don’t need to re-invent ourselves, but rather maintain our strong unit economics while scaling.
SaaS-based contract management platform!
Founded in 2015, Contractbook launched its SaaS-based contract management platform allowing SMEs to create, sign, and store legal documents digitally and in one system.
Since then, the company has added new products to its portfolio, including an advanced client-portal for legal professionals, Suits, and a contract drafter that automatically generates contracts based on customer questionnaires.
According to Eric Lagier, partner at byFounders, this proves Contractbook’s business case:
Contractbook’s technologically advanced offering makes them poised to disrupt multiple industries that are still characterized by archaic document handling processes. Actively building bridges between the Nordics and the US, byFounders are happy to facilitate connections between globally ambitious Nordic founders and prominent Silicon Valley VCs like Gradient.
Contractbook is a subscription-based service that offers a Freemium model, a Standard Plan (€4/Month), a Business Plan (€27/Month), an Enterprise Plan (€66/Month) and a Suits plan for legal professionals (€135/Month).
Main image credit: Contractbook
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