In the current scenario, most businesses are striving to manage their contractual processes online and avoid manual and paper-based processes. However, Copenhagen-based Contractbook believes that the tools available in the market do not offer an end-to-end solution. This leaves most SMBs to rely on multiple workflow partners, resulting in greater costs and lost productivity.
This is where Contractbook wants to make a difference. The legal-tech startup wants to solve this problem by providing a collaborative cloud-based platform that manages the end-to-end contract lifecycle.
In a recent development, Contractbook has raised $9.4M (approx €7.7M) in its Series A round of funding led by Bessemer Venture Partners. Existing investors also participated in this round, including Gradient Ventures.
In November 2019, Gradient Ventures, which is Google’s AI-focused venture fund, led the company’s $3.9M (approx €3.2M) seed round.
The source and deployment of funds
The raised capital will allow Contractbook to expand its operations into the US and accelerate the rollout of new smart contract analysis features to further help save time and improve productivity for customers.
“We see Contractbook as being the 2.0 of document automation,” comments Mary D’Onofrio, a vice president overseeing growth investments in cloud software for Bessemer Venture Partners.
Bessemer Venture Partners is a prominent global early-stage venture capital firm, with a portfolio of more than 200 companies, including Pinterest, Betterment, Rocket Lab, Procore, PagerDuty, Intercom, Fiverr, ServiceTitan, Toast, and Bright Health.
It claims to partner early with “visionary entrepreneurs” and supports them throughout every stage of their growth. Its primary focus areas are consumer, enterprise, healthcare, and frontier technology companies. According to the VC firm, it has backed more than 120 IPOs, including Shopify, Yelp, LinkedIn, Skype, LifeLock, Twilio, SendGrid, DocuSign, Wix, and MindBody. It has 16 partners operating from offices in Silicon Valley, San Francisco, New York City, Boston, Israel, and India.
With this funding round, D’Onofrio and David Cowan, a partner at Bessemer Venture Partners, will join Contractbook’s board of directors.
What does Contractbook offer?
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. According to the company, 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, Contractbook’s technology enables greater process automation and seamless business operations for its customers. Currently, the startup has 100,000 active users in more than 75 countries, and more than 2,000 customers resulting in 300 per cent growth.
“Our plan is to recruit heavily in the coming months. We have open positions both at the Copenhagen office, in the distributed team and for our up-coming American office,” mentions Brochner in a blog post.
“We are also planning to expand our product even further with improvements and new features, including a few machine-learning modules, more advanced document drafters and a lot of smart automation features,” he adds.
He also mentions that the company is planning to launch a new Automation plan. He claims that it gives users the world’s first fully-automated contract lifecycle management platform. “We are looking forward to announcing all the details in the coming year, but to celebrate the good news we are already now giving companies access to early-birds. Sign up this week to get 6 months of fully automated contract flow for free.”