Contractbook, the Danish contract automation platform, which also has a strong CLM-aspect to it, has raised a $30m Series B funding round led by Tiger Global. It comes just four months after the company’s $9.3m A round. Now, the plan is to ‘capture the American market and lead a new revolt against the PDF’ the company said.
Existing investors Bessemer Venture Partners, byFounders and Gradient Ventures, also took part. Founded in 2017, Contractbook has tripled revenue year on year and has secured $43.6m in total funding to date……which is very impressive.
A spokesman told this site: ‘We have a platform that covers the entire lifecycle of a contract. And then we can automate every single step along the way. We also have a contract automation tool (in the traditional sense of a tool that enables auto-generation of contracts) which is mainly sold to law firms. However, we are planning to incorporate that in our main platform within the next coming months.’ (See image below).
Contractbook’s Founder and CEO, Niels Martin Brochner, also told Artificial Lawyer: ‘It’s obviously something I am really proud about. It’s a testament to Contractbook’s momentum. And it enables me to do what I love which is building a product that creates value for our users, and creating a workplace with nice people around me. I am really excited about our next chapter, which is expanding in the US.’
In an earlier statement he also added: ‘99% of the value from a contract comes post-signature, but this process has received almost no attention, until now.
‘We are revolutionizing the existing online contract signing tools of today by creating the contract management platform of tomorrow and showing people that simple PDFs are an impediment to today’s efficient work environment.’
Tiger Global’s Partner, John Curtius, added: ‘We see Contractbook as the bridge between a manual present and an automated future, a truly visionary company for the future of contracts. We are excited to partner up with them to conquer the US market.’
