We are excited to announce our $30 Million Series B round led by the VC-giant Tiger Global with participation from existing investors Bessemer Venture Partners, byFounders and Gradient Ventures. The investment comes only four months after we closed our $9.3M A round. We see that as a testament to our momentum and our visionary approach to building our product. We are striving to offer the most comprehensive and yet easy-to-use product on the market, and we are proud to see that it’s supported by some of the most forward-thinking and acclaimed investors in the world.
Four months ago, we utilized the funding announcement to present our 2021-vision, and explain how we alllow you to automate every single part of your contract workflow to save time, reduce legal errors, make more data-driven decisions and get rid of tedious manual tasks to free up more energy for creative endeavors.
This time, we would like to take the chance to dig a bit deeper into our vision and explain to you why we are leading an epic revolt against the PDF, and how Contractbook is planning to resurrect dead contracts.
Kill the PDF!
Contractbook is not the only contract management platform in the world. Many have been in the market longer than us, and some have enjoyed a fair share of success in the past years. So what makes us different from them? Why have VC-giants Tiger Global, Bessemer Venture Partners and Google’s AI-fund, Gradient Ventures, decided to bet on Contractbook?
The short answer is that we are the most forward-thinking company in our category. Worldwide.
The vast majority of our competitors rely on PDF’s. They focus on the creation or signature phase of the contract lifecycle, so for them, the contract lifecycle ends with a signed PDF stored in a folder somewhere. In their vision, a contract is just a written proof of an agreement that the parties can refer to in case of a dispute.
That is not our vision.
We see contracts as the lifeblood of a company. Contracts are the central source of truth in all parts of your business: your assets are there as well as information about your liabilities, employees, collaborations, and transactions. All the data is in there waiting to be used. That is why we believe it’s time to kill the PDF, unlock the value of signed documents, and utilize the business intelligence to enable better decision-making and build smarter workflows based on automation and integrations between your systems.
The PDF was made to preserve a layout and display a document in a printable version - most often A4. So whatever our competitors are doing with their PDF’s, they are doing it wrong. Who is printing in the 21st Century? A PDF is not actionable, you can’t connect it to anything, and it leaves all your valuable business intelligence unstructured and wrapped up in useless meta-data. It might look fine for the human eye, but it’s almost unreadable for a machine. That makes the PDF dead and useless.
We believe that it’s time to get rid of the PDF contract and enter the future of work with a streamlined data flow that enables self-executing contracts, workflow automations, and smart analytics while laying the foundation for a smarter future with machine learning and artificial intelligence.
Bring torches and pitchforks, people! We are going in!
Give your contracts the afterlife they deserve
Contrary to other systems, we don’t believe that a contract lifecycle ends with a signature. It takes a few days to create a contract and minutes to sign it, but it stays effective for years. 99 % of a contract’s lifecycle lies post-signature, and 99 % of all businesses have no workflow for it. That is why we are building the world’s best post-signature contract workflow.
We are not satisfied with storing or organizing contracts. Contractbook enables intelligent task management, auto-reminders and a variety of post-signature automation features that lets you to pull data points from your contracts, trigger events in other systems and make self-executing contracts.
You can auto-generate payslips based on your employment contracts, pull data to your CRM system based on sales agreements, and set up automated notifications to remind you once a collaboration agreement runs out to remain ahead of the curve in your re-negotiations.
But it doesn’t stop here.
Over the next weeks and months, we will remain dedicated to launching an abundance of new features that will give your contracts the afterlife they deserve.
- Resurrect your dead legacy PDFs with a new PDF converter that transforms them into a uniform and structured data format so you can apply full-text search and utilize the data points to make new automations.
- Create new smart analytics features such as a dashboard and contract summaries that give you a brief, structured overview of all important data points in your contracts.
- Implement machine-learning modules to analyze your contracts, get insights on your contractual decisions, and suggest optimizations of your legal work.
- Launch new automation and integration features that make it even easier for you to customize an automated workflow around your contracts.
- Improve the organization of contracts on the platform to make it easier for you to search and browse through your contracts and find the information you need.
In short, Contractbook gives you full control of your contracts; make sure deadlines and obligations are never missed, contracts are never misplaced, and all of the relevant data points are pushed to the right tools and people inside your company.
The future is going to be connected, data-driven and automated. Be a part of it and join the vanguard of modern companies in our fight against the PDF!