Digital contract management startup Ironclad raises $150M on $3.2B valuation
Digital contract management software startup Ironclad Inc. revealed today that it has raised $150 million in new funding to scale up its digital contracting platform.
Franklin Templeton led the Series E round with BOND, YC Continuity, Emergence, Lux, Haystack, Accel and Sequoia Capital also participating. The round was raised on a $3.2 billion valuation.
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 is designed to do all the administrative work better left for a computer, freeing legal teams to do substantive work and drive business strategy.
Pitching itself as the top contract lifecycle management platform for innovative companies, Ironclad’s platform provides a consumer-grade interface that allows nontechnical users to create workflows for automating the most repetitive parts of the document handling process. More advanced automation options allow for complex deals, such as automatically adjusting the list of stakeholders who must approve an agreement based on the input signatories provide when filling out a contract.
Customers use Ironclad to collaborate and negotiate on contracts, accelerate contracting while maintaining compliance and turn contracts into critical carriers of operational business intelligence. The platform is flexible enough to handle every type of contract workflow, whether a sales agreement, a human resources agreement or a complex nondisclosure agreement.
Ironclad customers include Dropbox Inc., Reddit Inc., Canva Pty. Ltd., L’Oréal S.A., Mastercard Inc. and the Texas Rangers. Mastercard uses Ironclad to free up strategic bandwidth and resources and the Texas Ranges is said to use the service to unlock contract metadata that has enabled them to stay agile during COVID.
“So far, we’ve focused on the core digital contracting experience: the standardized system for business-to-business contracts that connects people to systems and ultimately, data,” Jason Boehmig, co-founder and chief executive of Ironclad, said in a statement. “This next phase of growth will be about expanding that experience into a platform that connects business contracting processes across the organization.”
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