May 30, 2022
Contractbook announce $30 Million Series B to lead a revolt against PDF’s!
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!
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