Digital contract management software startup Ironclad Inc. is reported to have raised at least $100 million in new funding in a round led by venture capital firm Bond.

The company has not confirmed the round. The valuation on the round differs depending on the report. The Information reported today that the raise was on a $950 million valuation while TechCrunch described it as “around the unicorn mark,” a term to describe a startup with a valuation of $1 billion.

That Ironclad has raised more money is not a surprise. The company raised $8 million in a round led by Accel in August 2017 followed by a $50 million round led by Y Combinator’s Continuity fund in September 2019.

Founded in 2014, Ironclad offers a digital contracting platform designed to allow in-house legal teams to unlock the power of contract data. The company’s platform streamlines contract workflows; in the words of the company. its platform “does all the administrative work better left for a computer, freeing legal teams to do substantive work and drive business strategy.”

Ironclad’s service is said to provide a consumer-grade interface that allows nontechnical users to create workflows for automating the most repetitive parts of the document handling process. Legal teams can customize a contract’s text fields, specify the parties who need to sign or approve it and store the agreement in a centralized archive once it’s finalized.

The company also offers more advanced automation options for complex deals, such as the ability to adjust automatically the list of stakeholders who must approve an agreement based on the input signatories provide when they’re filling out the contract.

Ironclad includes among its customers Dropbox Inc., Reddit Inc., Canva Pty. Ltd., L’Oréal S.A., Mastercard Inc. and the Texas Rangers.

According to The Information, the new funding will be used by Ironclad to give it more power to go after competitor DocuSign Inc., whose shares have tripled this year.

Presuming a figure of $100 million, Ironclast has raised $184 million to date. Previous investors include Sequoia Capital, Emergence, Greylock, Formation 8 and SV Angel along with the aforementioned Accel and Y Combinator.

Image: Ironclad