Contractbook has raised a $9.4 million in our Series A, led by Bessemer Venture Partners with participation from existing investors.
We are proud to announce that Contractbook has raised a $9.4 million in our Series A led by Bessemer Venture Partners with participation from existing investors, including Google’s AI-fund Gradient Ventures and the Nordic VC-fund byFounders. This is a dream setup.
We could not imagine a better combination of investors to help us take on our quest to future-proof small and medium-sized companies with data-driven document automation.
Bessemer Venture Partners brings 110 years of experience and has helped companies like Pinterest, LinkedIn, Skype, Yelp, Twillio and Shopify. Gradient Ventures brings Google muscles and an incredibly visionary view of the market. And byFounders introduce the Nordic perspective that has already broughtus so far.
Despite a challenging year, we now have +100,000 active users and more than 2,000 customers resulting in 300% YoY growth. We have only been able to come this far because we have invested in constantly improving our automation-powered contract lifecycle management platform with new features.
This is just the beginning of our mission to deliver the world’s most advanced contract lifecycle management system. The investment will fuel our expansion into the US market which is a major milestone for us.
We are also planning to expand our product even further with improvements and new features, including new machine-learning modules, more advanced document drafters and a lot of smart automation features.
Our investors decided to bet on us because of this vision. As David Cowan, the founder of Verisign and our new board member from Bessemer said:
“We see Contractbook as being the 2.0 of document automation”
We are operating in a market where many tools 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. Furthermore, we have decided to work with a future-proof data-format that enables AI and data-driven document automation.
It gives you a solid foundation, where you can harness the data in your contracts, automate your entire legal workflow and simultaneously prepare for a future with AI. Most companies are still caught in the old world, and they have no clue how to apply all the shiny new AI-tools. Either because the AI-technologies are immature or because the companies have not digitized the basics. We are the bridge between a manual reality and a smart future.
To be concrete, we are launching a new Automation plan that gives you 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 you the chance to test the 2.0 of document automation.
We are looking forward to continue this quest and to help you to a smarter way of managing contracts.
Viktor Heide, Jarek Owczarek and Niels Martin Brøchner.