Based out of Copenhagen, Contractbook, a contract automation platform enabling businesses to manage contracts in a fully automated flow has raised $30 million (approx £21.2 million) funding in a Series B round led by Tiger Global with participation from existing investors Bessemer Venture Partners, byFounders, and Gradient Ventures.
The investments come four months after the company raised $9.3 million (approx £6.5 million) in a Series A round. The funding will be used to accelerate the expansion into the US and UK markets. To date, the company has secured a total funding of $43.6 million (approx £30.6 million).
Automating workflow
Founded by Jarek Owczarek, Niels Martin Brochner, Viktor Heide, and Christian Bowall in 2017, Contractbook allows companies to automate their workflows across departments, thus enabling better decision-making based on smart analytics from the documents and the process around them.
The Danish company competes against DocuSign, a San-Francisco-based firm that allows organisations to manage electronic agreements.
150,000 users
More than 150,000 users already use Contractbook’s comprehensive contract lifecycle management platform that allows businesses to create, sign and organise their contracts in a single streamlined workflow where every step can be automated.
“99% of the value from a contract comes post-signature, but this process has received almost no attention, until now,” says Contractbook’s Founder and CEO, Niels Martin Brochner. “We are revolutionising 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.”
“Contractbook’s premium, proven and highly competitive product has differentiated itself from any other player on the market,” says Tiger Global’s Partner, John Curtius. “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.”