Danish contract automation platform Contractbook has scored a $30 million Series B funding round led by Tiger Global with participation from existing investors Bessemer Venture Partners, byFounders and Gradient Ventures (Google's AI fund). The funding comes only a few months after the Denmark-based legaltech startup raised its $9.3 million round.
The fresh cash will be partly used to push further into the US market, Contractbook says.
Founded in 2017, the startup wants to bring contracts and other documents 'to life', unlocking the value that resides in the data of signed documents that are usually stashed away somewhere never to be looked at again.
The company also allows companies to automate their workflows across departments, enabling better decision-making based on 'smart analytics' from the docs.
"99% of the value from a contract comes post-signature, but this process has received almost no attention, until now," posited Contractbook 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," he added.