Copenhagen-based legaltech company Contractbook has closed a $9.4 million Series A investment round led by Bessemer Venture Partners to bolster its contract management solution.
The round saw participation from existing investors, including Gradient Ventures (Google's AI-focused venture fund), which backed the company alongside byFounders and angel investors like Tim Schumacher about a year ago.
Founded in 2017, Contractbook offers a collaborative cloud-based platform that it claims helps its customers manage the contract lifecycle from end to end through data-driven document automation and others technologies.
Contractbook says it already has more than 100,000 active users across more than 2,000 customers managing their contract workflow. The fresh cash will be used to expand its business in the US, and 'accelerate the rollout of new smart contract analysis features that will result in further time savings and productivity improvements'.
Mary D’Onofrio, a vice president overseeing growth investments in cloud software for Bessemer, will join the Danish startup's board of directors alongside David Cowan, a partner at the venture firm.
Says Cowan: "Over the past decade, we’ve seen many barriers to entry collapse when it comes to enabling entrepreneurs to start new businesses. 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.”