Contractbook, the Danish platform for end-to-end contract management, raised €3.5 million in funding, led by Gradient Ventures (Google’s AI fund), byFounders, and a group of angel investors, including Tim Schumacher. The legal tech startup plans to add even more flexibility and functionality to its product, so that it's best positioned to take over an ever-ripening market.
The legal tech market has ballooned in the last year: investments increased 718 percent, currently sitting at $1.2 billion. In 2018, the contract management market segment alone was estimated to be worth $1.1 billion. Contractbook’s current product is designed to manage the full “contract lifecycle.” Founded in Copenhagen in 2015, Contractbook first launched their SaaS platform for SMEs, allowing them to create, sign, and store legal documents digitally and in one system. The startup has since added more tools, including an advanced client-portal for legal professionals (called Suits) and a contract drafter that automatically generates contracts based on customer questionnaires. "Contractbook’s technologically advanced offering makes them poised to disrupt multiple industries that are still characterized by archaic document handling processes. Actively building bridges between the Nordics and the US, byFounders are happy to facilitate connections between globally ambitious Nordic founders and prominent Silicon Valley VCs like Gradient. We’re excited to set them up for international success and support their further growth," said Eric Lagier, Managing Partner at byFounders.
Darian Shirazi of Gradient said, “Contractbook’s focus on enabling SMEs to streamline the process of contracting has allowed them to attract thousands of customers in a multi-billion dollar market. We’re excited to partner with this strong team for years to come.” The investors are clearly happy to be on board. As for what their money will do, Contractbook CEO and founder Niels Martin Brochner explains: “With the new capital, we are ready to expand Contractbook’s footprint globally. We believe that our continued product focus and iteration will enable our customers to manage the full contract lifecycle through one platform. We don’t need to re-invent ourselves, but rather maintain our strong unit economics while scaling.”