PactSafe doubles launch funding to $1.2m and announces PactSafe Vault
Cloud-based digital legal agreement platform PactSafe has now raised over $1.2m in funding since it was set up in February and is launching a new product, PactSafe Vault, to enable in-house legal teams to easily embed contracts such as their terms and conditions across multiple devices.
The $1.2m sum means PactSafe has doubled the $600,000 of funding raised at its launch nine months ago, led by Acceleprise San Francisco, Elevate Ventures and Vulpes Testudo Fund.
PactSafe will use the additional funding for sales, marketing and engineering, having hired six members of staff since its launch, “increasing revenue by 400% over the last two quarters and adding 100 new customers,” according to a statement from the Indianapolis-based company.
One of those customers is Formstack, where vice president of operations Duane Hunt said: “We had PactSafe up and running in a single day, and the platform is now invaluable to us and has saved us an incredible amount of time, effort, and potential legal battles.
“Before PactSafe, updating our terms and conditions and other digital legal agreements was a nightmare, demanding a significant amount of time and resources, but with zero peace of mind. Now all of our online legal documents are easy to update, securely stored, trackable, and give us peace of mind.”
PactSafe’s new product, PactSafe Vault, is designed for developers and will allow them to easily embed contracts so that in-house legal teams can control the versioning and publishing of content. Vault includes robust web services to manage agreement versions, publish agreements, and track customers. It also includes libraries designed to easily embed PactSafe agreements into websites, mobile apps, and any connected products such as wearable devices. PactSafe’s suite of products now provide in-house legal teams with analytics tools designed to provide insight into all of the digital contracts being executed across their organisation.
“Companies, large and small, need a way to protect themselves by having one single place to easily control the drafting, publishing, and execution of their digital legal agreements, such as their terms of service,” said Brian Powers, CEO and founder of PactSafe.
“Because in-house legal teams have lost control of these agreements to teams like IT, marketing, or sales, managing and tracking down agreements online is difficult and time consuming. The result of poor record keeping and insight has cost companies millions of dollars in lawsuit settlements and legal fees. At PactSafe, we are laser-focused on continuing to build the platform to ensure our customers can streamline and automate contract execution in a secure, reliable, and protected environment.”
PactSafe, which has representatives from organisations including LegalZoom, Salesforce and ZipRecruiter on its advisory board, now plans to hire “several” key team members in sales and software engineering over the next three months, and also plans to raise a Series A round in the second quarter of 2016.