SaaS platform SimpliContract has raised $3.5 million in a pre-series A funding round, led by Emergent Ventures and supported by Kalaari Capital, Picus Capital, Foster Ventures, Leslie Ventures and Sentinel Ventures. This brings SimpliContract's total funding to $5.3 million, including $1.8 million in seed funding obtained in June 2021.
The funds raised will be used to drive SimpliContract's growth and expansion in the US and European markets, with a specific focus on investing in sales and marketing efforts, Entrackr reported.
Established in 2020, SimpliContract offers solutions for in-house legal, sales, finance and procurement teams to simplify the contract lifecycle process and enable real-time collaboration among internal and external stakeholders. By streamlining the contracting process and reducing complexity, SimpliContract's platform has the potential to shorten contracting time by up to 40 per cent and help enterprises save millions of dollars.
The unified Contract Lifecycle Management (CLM) platform is designed for distributed global teams, aiming to simplify complex business processes and ensure compliance throughout all stages of the contracting process.
SimpliContract claims to have a diverse range of enterprise customers, including Bass Pro Shops, ATI Physical Therapy, NHS, Kent Police, Cyient, Flipkart Group and Byju’s. The platform serves over 20,000 enterprise users across various departments, including legal, sales, procurement, finance and HR, managing a total contract value of $30 billion.
The successful funding round and the additional capital secured will further bolster SimpliContract's efforts to expand its market presence in the US and Europe. With a focus on sales and marketing investments, SimpliContract aims to accelerate its growth trajectory and continue providing innovative solutions to streamline the contract lifecycle process for enterprises, enabling them to achieve greater efficiency, cost savings, and compliance in their contracting workflows.