May 30, 2022
Contractbook raises €3.5M led by Gradient Ventures and byFounders
We are proud and thrilled to announce that Contractbook has raised €3.5 million from a syndicate led by GradientVentures, Google’s AI Fund, the Nordic VC-fund byFounders and a group of key angel investors. This is the first time a Danish company received funding from a Google-backed VC.
The new investment enables us to add new flexibility to the product and scale internationally. During the coming weeks and months, we will roll out a bunch of new features that will enable you to manage the full contract lifecycle at the Contractbook platform. Our vision is that you can draft contracts, review and collaborate on them, sign them, store them, organise them, track them, analyse them and finally execute all the tasks connected to them. Everything on a single holistic platform. Or to put it more simply, we want you to achieve what our new slogan promises: Better contracts.
"With the new capital, we are ready to expand Contractbook’s footprint globally. We believe that our continued product focus and iteration will enable our customers to manage the full contract lifecycle through one platform. We don’t need to re-invent ourselves, but rather maintain our strong unit economics while scaling,” says our CEO and founder Niels Martin Brøchner.
We will also maintain a strong focus on keeping you, our users, as satisfied as possible. We are not chasing the most customers, we are chasing the happiest. We believe in the customer-centric approach to business and have been preaching it for quite a while. So, we will stay dedicated to this credo, and in the long run, we believe happy users will result in many users. That is also something our new investors fell for.
“Contractbook’s focus on enabling SMEs to streamline the process of contracting has allowed them to attract thousands of customers in a multi-billion dollar market,” says Darian Shirazi, who is General Partner at Gradient: “We’re excited to partner with this strong team for years to come.”
In the past year, the legal tech market has exploded with investment increasing to $1.2billion, a 718% increase since the year prior. In 2018, the contract management market segment alone was estimated to be worth $1.1 billion. According to Eric Lagier, partner at byFounders, this proves Contractbook’s business case:
"Contractbook’s technologically advanced offering makes them poised to disrupt multiple industries that are still characterized by archaic document handling processes. Actively building bridges between the Nordics and the US, byFounders are happy to facilitate connections between globally ambitious Nordic founders and prominent Silicon Valley VCs like Gradient. We’re excited to set them up for international success and support their further growth," he says.
While we have your attention, we also want to take the chance to thank you for all the support you are giving us every day. We are truly grateful for your feedback and encouragement. It motivates us a lot in our daily work that we can make a difference for you. We hope to be able to repay you with some awesome new features.
Read more about the funding in the press
Silicon Cannals: Google-backed VC invests €3.5M in Danish legal tech startup that digitises contract management
Børsen: Googles venturekapitalfond investerer for første gang i dansk virksomhed
Artificial Lawyer: Google AI Fund Makes 1st LegalTech Investment As It Backs Contractbook
Tech.eu: Danish startup Contractbook seals €3.5 million seed to tackle booming legal tech market
UKTN: Contractbook raises €3.5m to fuel growth
Businesson.de: Google’s AI-Fund Gradient Ventures, byFounders und Tim Schumacher investieren 3,5 Mio € in LegalTech-Startup ContractBook.com