In case you needed further proof that contract automation and lifecycle management is where the money is, Danish legal tech company Contractbook has raised $9.4m in Series A funding led by Bessemer Venture Partners and with participation from existing investors including Google’s venture fund Gradient Ventures.
Less than a year ago Gradient Ventures led the company’s $3.9 million seed round.
Founded in 2015, Contractbook is a cloud-based platform that manages the end-to-end contract lifecycle. Its customers include dreivers, Wedio and Danish internet marketing company Webbler.
“We’re just at the beginning of our mission to deliver the world’s most advanced contract lifecycle management system. We’ve invested in future-proofing our customers’ businesses since inception and are only beginning to see the results of data-driven document automation,” said Niels Martin Brøchner, Contractbook’s CEO and cofounder.
According to Contractbook, 100,000 active users across more than 2,000 customers now use its platform to create, sign, store, organize, and analyze their contracts in a single, fully automated workflow. Contractbook also caters to legal professionals with client-facing document automation solutions.
“We will remain dedicated to bringing law firms closer to their clients. With our client-facing document drafters, law firms get a tool that enables them to be more data-driven and gives them a chance to empower their clients and improve on client-retention,” said Brøchner.
The new funding from Bessemer Venture Partners and Gradient Ventures will allow the European company to expand its operations into the U.S. market and accelerate the rollout of new smart contract analysis features that will result in further time savings and productivity improvements for both SMB’s and law firms.
“Contractbook solves key pain points for SMBs and law firms in a lightweight, easy-to-use product that has immediate customer ROI by automating work,” says Mary D’Onofrio, a vice president overseeing growth investments in cloud software for Bessemer Venture Partners. “We are thrilled to be partnering with Niels and the Contractbook team as we expand the company to other geographies and further build out the product.”
In connection with the investment round, D’Onofrio and David Cowan, a partner at Bessemer Venture Partners, will join Contractbook’s board of directors.