The contract lifecycle management (CLM) solution SpotDraft recently announced it had closed a $26 million Series A funding round.
The round was led by Premji Invest, with participation from Prosus Ventures, 021 Capital, Arkam Ventures, Riverwalk Holdings and 100x Entrepreneur Fund.
SpotDraft said it will use the investment for further product development, as well as to support growth efforts in North America.
“Contracting has multiple stakeholders, including legal, sales, finance, and it is important to create a seamless experience for all of them,” said Atul Gupta, partner at Premji Invest, in a statement. “We invested in SpotDraft's world-class team because they’ve elegantly solved this business problem and created a product that is loved by teams across the organization.”
SpotDraft’s fundraise is one example of how even amid an uncertain economy, legal technology companies focused on contracts have been able to still generate new investment.
Here are several other examples of businesses in the contracts space which have announced new funding in recent months.
Robin AI
The contracts-focused technology platform based in London recently announced it had raised $10.5 million in its Series A round.
The round was led by Plural, with participation from Episode 1 and a cohort of angel investors including Tom Blomfield and senior executives across the legal and private equity industries from Bridgepoint, Apollo and Barings.
“This latest funding round will further develop our tech team and has enabled us to acquire a cohort of customers from LawGeex, whose customers include UBS, PWC, eBay and Pepsi,” said Robin AI Founder and CEO Richard Robinson, in a statement. “We are adding a set of these customers to our existing base of private equity and financial services clients.”
Henchman
The contract drafting and negotiation software company based in Belgium recently announced it had closed a $7 million Series A funding round, bringing its total funding to $10 million.
The round was led by Adjacent VC and Acton Capital and joined by several business angel investors.
Henchman said it has amassed more than 100 customers in 15 countries since launching in June 2021 and plans to use the capital to enter new markets.
“It's rare to see a SaaS company win international clients this early in its journey, but the teams' customer obsession is driving great adoption in both Europe and the US,” said Nico Wittenborn, an investor at Adjacent VC, in a statement. “I'm excited to team up as we scale to the next level!"
SirionLabs
At the beginning of 2023, the CLM provider announced it had raised an additional $25 million as part of its Series D round.
This new investment by Brookfield Growth took SirionLabs’ overall Series D funding to $110 million. The previously announced round in May 2022 was led by Partners Group with participation from existing investors Sequoia India and Tiger Global.
The fresh capital will support SirionLabs’ product innovation efforts, including advances in AI capabilities and integrations with other enterprise platforms.
“Sirion is solving a truly horizontal problem that impacts the bottom line, whether it’s identifying savings, closing deals faster or mitigating compliance risk,” said Josh Raffaelli, managing partner at Brookfield Growth, in a statement.
LexCheck
In mid-December, the contract acceleration and intelligence platform announced it had raised $17 million in Series A funding led by Mayfield Fund.
LexCheck said the funding came on the heels of tripling its customer base in the prior year, and the funding will be used to support the company’s further expansion.
The company said it is serving customers in more than 14 industries, including some of the world’s largest financial institutions, fastest-growing technology providers and top law firms.
“LexCheck is leveraging AI to accelerate efficient revenue growth for businesses while mitigating risk,” said Rajeev Batra, partner at Mayfield Fund, in a statement.
