Denmark-based tech startup Contractbook bags $30M in funding to disrupt PDF with its contract automation platform
Contractbook, a Copenhagen, Denmark-based tech startup and a provider of contract automation platform, today announced it has raised $30 million in Series B funding to expand into the United States market in order to propel the contract management world into the next step of automated solutions. The round was led by Tiger Global, with participation from existing investors Bessemer Venture Partners, and Gradient Ventures.
This investment comes only four months after the company raised a $9.3M A round. Founded in 2017, Contractbook has grown 3X year on year and has secured $43.6 Million in total funding up to date.
Founded in 2016 by Jarek Owczarek, Niels Martin Brochner, and Viktor Heide, Contractbook provides an end-to-end contract management platform that automates contract management. More than 150,000 users already use Contractbook’s comprehensive contract lifecycle management platform that allows businesses to create, sign and organize their contracts in a single streamlined workflow where every step can be automated.
Today, most companies aren’t leveraging their contracts and the data inside them. Once a contract is signed, they hit a standstill and end up as dead PDFs lost among documents in folders. Contractbook is unlocking the value of signed documents and utilizing the data they contain to create “live” contracts. 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.
“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 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.”
“Contractbook’s premium, proven and the 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.”