ContractPodAi, a provider of AI-powered contract lifecycle management software, has secured USD55 million Series B investment round led by Insight Partners with participation from the company’s Series A backer, Eagle Proprietary Investments.
The company says the investment is Europe’s largest legaltech Series B fundraise and the largest Series B round for any CLM provider globally.
ContractPodAi is an end-to-end solution for all three aspects of contract management: contract generation, contract repository, and third-party review. Its technology uses AI to streamline all areas of the contract management process, massively reducing the burden on corporate in-house legal teams and transforming them to tech-enabled value centres for the wider business.
Founded in 2012, ContractPodAi now serves customers across every continent, with offices in London, New York, San Francisco, Glasgow, and Mumbai. Its customers include large scale global corporations across all industries.
Building on the company’s success in streamlining contract workflow to digitalise and transform in-house legal ops, the new investment will allow ContractPodAi to significantly scale-up its product development, sales, and customer success teams globally. This will help meet the growing demand for its AI-powered contract management platform within global corporations.
ContractPodAi’s revolutionary software has been widely recognised by independent experts. Most recently, ContractPodAi’s was awarded the 2019 ‘Cool Vendor’ award by leading global research company Gartner. ContractPodAi has been expanding the reach of its offering with the recent launch of its contract management application on the Salesforce platform and expects to announce several other major product releases in the second half of 2019.
Sarvarth Misra, co-founder and CEO of ContractPodAi, says: “This is a truly exciting time for the legal technology sector – we are on the cusp of the legal sector’s very own industrial revolution.
“We are hugely passionate about building platforms that help lawyers do their jobs more effectively and allow them to focus on what they love doing. Our solution is customer focused and our team has both the legal and tech experience needed to disrupt the legal world and unlock added value.
“This new investment will allow us to take ContractPodAi to a much wider audience, serve our customers better and ensure we continue our rapid growth trajectory. We are delighted to be partnering with the Insight team, who are widely recognised as the leaders in the enterprise software investment space and have a well-established support mechanism for rapid scale-ups in sales, marketing and product.”
Insight Partners is a leading global venture capital and private equity firm headquartered in New York City. Insight has backed some of Europe’s top technology and software companies, including BlaBlaCar, Calm, Darktrace, Delivery Hero, Hello Fresh, and Shopify. Josh Fredberg, formerly of SAP Ariba, and Paul Szurek, Vice President at Insight Partners, will join the board of ContractPodAi.
Jeff Lieberman, Managing Director at Insight Partners, says: “We are hugely impressed by ContractPodAi’s phenomenal and capital efficient growth and, most importantly, by the passionate testimonies their customers share about the game-changing impact of the ContractPodAi platform. This momentum speaks to a real and unmet market need for a truly horizontal, end-to-end CLM ecosystem in driving digital transformation efforts across legal ops. With this investment in ContractPodAi, we are excited to partner with a team backed by a clear vision and strong leadership that has demonstrated a unique ability to build products that both legal and business users love.”
Deval Dvivedi, Head of International at Eagle Proprietary Investments, says: “We are delighted by Sarvarth’s vision for ContractPodAi within the legal technology sector and how that has been backed by ContractPodAi’s execution of its business plan and growth trajectory. We have targeted legal technology as a fast-growth sector and ContractPodAi as one of the future leaders within the sector. We continue to be excited about ContractPodAi’s scale up growth map and look forward to working with the company and investors Insight in achieving our shared vision.”
