ContractHero’s, B2B SaaS solution is taking contacts out of Google Drive or Sharepoint and into its smart contact management solution. It's enabling SMEs to fully realise the ‘hidden potential’ in their contracts by automatically analysing contracts and extracting key information – claiming its SaaS solution accelerates the contract digitisation process by more than 85%.
It says that it can help companies 'enhance contract negotiation, mitigate legal and compliance risks, identify opportunities for financial optimisation, improve the accuracy of cash flow forecasts, and provide crucial support during financial audits', counting Eurowings, ZDF, Mercedes Benz Leasing, Dorint Hotels and Miles Mobility as clients.
To beef up its tech and sales teams, and expand the platform, the German start-up has raised a Seed financing round of €2.15 million. VR Ventures / Redstone, coparion, Swiss Post Ventures, xdeck and Venista Ventures invested in the round.
“B2B contract management for the SME segment is still in its early phase, however the awareness for the problem we are tackling is picking up,” says ContractHero's CEO Sebastian Wengryn who founded the firm with Gerry Koch in 2020. “We are proud to pioneer the transformation of smart contract management, unlocking efficiencies for companies that were previously unaware of the hidden potential in their contracts.”
Main image: Gerry Koch and Sebastian Wengryn (souce: ContractHero)