UPDATED 21:33 EDT / DECEMBER 21 2020

CLOUD

Digital contract management startup Ironclad reportedly has raised $100M

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

A message from John Furrier, co-founder of SiliconANGLE:

Your vote of support is important to us and it helps us keep the content FREE.

One click below supports our mission to provide free, deep, and relevant content.  

Join our community on YouTube

Join the community that includes more than 15,000 #CubeAlumni experts, including Amazon.com CEO Andy Jassy, Dell Technologies founder and CEO Michael Dell, Intel CEO Pat Gelsinger, and many more luminaries and experts.

“TheCUBE is an important partner to the industry. You guys really are a part of our events and we really appreciate you coming and I know people appreciate the content you create as well” – Andy Jassy

THANK YOU