Contractbook, the platform for end-to-end contract lifecycle management, has raised €3.5 million from a syndicate led by Gradient Ventures, Google’s AI Fund, the Nordic VC-fund byFounders and a group of key angel investors.
Founded in 2015, Contractbook first launched their SaaS-based contract management platform allowing SMEs to create, sign, and store legal documents digitally and in one system.
The company has since expanded its platform and added new products to their portfolio including an advanced client-portal for legal professionals, Suits, and a contract drafter that automatically generates contracts based on customer questionnaires.
This new investment will allow Contractbook to add further flexibility and functionality to their solutions.
“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,” said Niels Martin Brochner, CEO and founder, at Contractbook.
“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,” Darian Shirazi, General Partner at Gradient said. “We’re excited to partner with this strong team for years to come.”
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In the past year, the legal tech market has exploded with investment increasing to $1.2 billion, a 718% increase since the year prior. In 2018, the contract management market segment alone was estimated to be worth $1.1 billion.
Eric Lagier, partner at byFounders, added: “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.”