Contractbook, a leading legal tech company based in Copenhagen, announced that it has closed on a $9.4 million Series A investment round, led by Bessemer Venture Partners with participation from existing investors, including Gradient Ventures.
Less than a year ago, Gradient Ventures, which is Google’s AI-focused venture fund, led the company’s $3.9 million seed round.
Companies in every industry are motivated to reduce manual and paper-based processes. Yet, many of the tools in the market only offer partial solutions, leaving most SMBs to rely on multiple workﬂow partners, resulting in greater costs and lost productivity. Contractbook solves this problem by providing a collaborative cloud-based platform that manages the end-to-end contract lifecycle.
“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. I’m excited to partner with our new investors as we continue to grow our customer base and offer customers a smarter way to work with contracts,” said Niels Martin Brøchner, Contractbook’s CEO and cofounder.
100,000 active users across more than 2,000 customers use Contractbook for its comprehensive contract lifecycle management system to create, sign, store, organize, and analyze all 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,” elaborates Niels Martin 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, Ms. D’Onofrio and David Cowan, a partner at Bessemer Venture Partners, will join Contractbook’s board of directors.
“Over the past decade, we’ve seen many barriers to entry collapse when it comes to enabling entrepreneurs to start new businesses,” said Bessemer’s David Cowan. “But business basics like signing on new customers and managing contracts is still a stumbling block for many small to mid-sized companies. Contractbook streamlines those activities and helps companies better manage business relationships in ways they’ve never been able to before.”
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