Contractbook Raises $9.4 Million in Series A Funding Led by Bessemer Venture Partners
Danish software company emerges from stealth mode with 300% YOY revenue growth
NEW YORK, Dec. 9, 2020 /PRNewswire/ -- Contractbook, a legal tech automation company based in Copenhagen, announced today that it has closed on a $9.4 million Series A investment round, led by Bessemer Venture Partners with participation from existing investors, including Gradient Ventures. Less than a year ago, Gradient Ventures, which is Google's AI-focused venture fund, led the company's €3.5 million seed round.
Companies in every industry are motivated to reduce manual and paper-based processes. Yet, many of the tools in the market only offer partial solutions, leaving most SMBs to rely on multiple workflow partners, resulting in greater costs and lost productivity. Contractbook solves this problem by providing a collaborative cloud-based platform that manages the end-to-end contract lifecycle.
"We're just at the beginning of our mission to deliver the world's most advanced contract lifecycle management system. We've invested in future-proofing our customers' businesses since inception and are only beginning to see the results of data-driven document automation. I'm excited to partner with our new investors as we continue to grow our customer base, expand into the U.S. market and offer customers a smarter way to work with contracts," said Niels Martin Brøchner, Contractbook's CEO and cofounder.
100,000 active users across more than 2,000 customers use Contractbook for its comprehensive contract lifecycle management system to create, sign, store, organize, and analyze all their contracts in a single, fully automated workflow. Integrated with a suite of business intelligence tools, Contractbook's technology enables greater process automation and seamless business operations for its customers. The new funding will allow the European company to expand its operations into the U.S. market and accelerate the rollout of new smart contract analysis features that will result in further time savings and productivity improvements for customers.
"The organic virality of the product has impressed upon us that Contractbook's quick geographical growth is evidence for the global demand for document automation's expansion. Contractbook's CLM-platform solves key pain points for SMBs in a lightweight, easy-to-use product that has immediate customer ROI by automating work," says Mary D'Onofrio, a vice president overseeing growth investments in cloud software for Bessemer Venture Partners. "We see Contractbook as being the 2.0 of document automation."
In connection with the investment round, Mary D'Onofrio and David Cowan, a partner at Bessemer Venture Partners, will join Contractbook's board of directors.
"When we saw how delighted people are to use and share Contractbook, we had to invest. Who'd have thought contract workflow automation could be such a sexy business?" said Bessemer's David Cowan.
ABOUT CONTRACTBOOK
Contractbook is a leading legaltech company. Powered by data-driven document automation, the software enables small and medium-sized businesses to manage contracts in a single, fully automated flow. Funded by investors including Bessemer Venture Partners and Gradient Ventures, Contractbook was founded in Copenhagen in 2017 and today serves over 100,000 users in more than 75 countries. Learn more about the smartest way to work with contracts at www.contractbook.com.
ABOUT BESSEMER VENTURE PARTNERS
Bessemer Venture Partners is the world's most experienced 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. Bessemer partners early with visionary entrepreneurs and supports them throughout every stage of their growth, primarily focusing on consumer, enterprise, healthcare, and frontier technology companies. The firm has backed more than 130 IPOs, including Shopify, Yelp, LinkedIn, Skype, LifeLock, Twilio, SendGrid, DocuSign, Fiverr, Wix, and MindBody. Bessemer's 16 partners operate from offices in Silicon Valley, San Francisco, New York City, Boston, Israel, and India. Follow @BessemerVP and learn more at bvp.com.
ABOUT GRADIENT VENTURES
Gradient Ventures is Google's AI-focused venture fund, which invests in and connects early-stage startups with Google's resources, innovation, and technical leadership in artificial intelligence. The fund focuses on helping founders navigate the challenges in developing new technology products, allowing companies to take advantage of the latest techniques so that great ideas can come to life. Gradient was founded in 2017 and is based in Palo Alto, California. For more information, visitwww.gradient.com.
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