Polish startup Pergamin, which automates company contract management, has raised $3 million from OnDean Forward.
Founded in 2017, Pergamin streamlines and secures contract management in medium and large companies by automating contract creation, facilitating negotiations, speeding up signing, and increasing the security of critical business document processing.
Pergamin estimates that in Poland alone manual and often paper-based processes related to employee legal contract management cost medium and large companies up to €700 million annually.
In response, it uses a unique approach where the contract becomes a database. This enables the exchange of information between the platform and other systems that store data, for example, about employees and employment, as well as clients and orders.
The company is particularly focused on improving the handling of employee contracts by offering companies its Employee Contract Platform.
To date, Pergamin has acquired over 130 paying clients, ranging from small and medium-sized businesses to international corporations. They have 120,000+ registered users and ~400,000 processed contracts.
Among Pergamin’s clients are Bolt, Heimstaden, Renault Trucks, Toyota Material Handling, Vienna Insurance Group, Volvo Financial Services, Volvo Trucks, and Westwing.
According to Jakub Barwaniec, co-founder and CEO of Pergamin:
“Creating, negotiating, signing, and then storing contracts is a headache for every company. In the case of employee contracts, there are also a number of additional documents required by law. Manual handling of contracts in Polish companies costs hundreds of millions of euros each year and significantly burdens HR teams and administrative departments.
When it comes to employment contracts, Pergamin accelerates the whole process by 10x while reducing preparation costs by 75 percent and recovering two-thirds of each HR manager’s workload.”
With the support of OnDean Forward and its $3 million investment, Pergamin aims to build a global contract automation platform. The new strategic investor will assist the company in product development and extending its reach within Poland and to new markets.
OnDean Forward was founded by Andrew Sieja and Marcin Wojtczak. The fund has already invested in 5 American legaltech companies. Pergamin is their first direct investment outside the US.
"Legaltech in the US is a fast-growing industry, and digital contract management solutions are already critical for the largest global corporations.
This trend is also happening in Europe, but in Europe the word processor and printer still play a leading role.
Pergamin has a real potential to change this. We intend to leverage our experience from growing Relativity and from investing in the American legaltech ecosystem to help Pergamin deliver on this promise.
We believe that Pergamin will quickly become a leader in our country and in the region, and then a global player," says Marcin Wojtczak, a new investor in Pergamin.
The latest funding round increases the total value of financing obtained by Pergamin from investors to approximately $5 million.
Lead image: Pergamin co-founders Antoni Wędzikowski, Piotr Łuczak, and Jakub Barwaniec. Photo: Amanda Campagnon.
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