Concord, the contract management platform, has closed its Series B funding round on $25m.
The round was led by new investor, Tenaya Capital, with participation from previous investors CRV and Alven. As part of the deal, Tenaya Capital partner, Paul Drews, will join the Concord board. The new funds will be used to accelerate development of the Concord platform, increase headcount across engineering, sales, HR & marketing teams, and advance international expansion.
Founded in 2014 and headquartered in San Francisco, Concord enables over 200,000 companies around the globe to connect all their people, processes and contracts in one place. Providing online negotiation and editing, deadline alerts and approval workflows, Concord aims to give users everything they need for the entire contract lifecycle – ‘making growth and compliance synonymous’.
It drives collaboration across an organization’s legal, finance, procurement and sales teams, as well as third-parties such as customers and suppliers. With all parties and documents in a central digital location, the traditional fragmentation, friction and visibility issues surrounding contract creation, negotiation and renewals are eliminated.
“The contract management category is ripe for digital transformation by a software company, and we believe Concord is perfectly positioned to lead that charge,” said Paul Drews.
“With 95% of contracts managed manually, organisations struggle with the ensuing business inefficiencies and vulnerabilities. Matt Lhoumeau (CEO) and his leadership team have already steered the company into a leadership position in the contract management market. We are excited to partner with Concord as it scales and builds a global, category-defining company in this multi-billion dollar market.”
In August of this year, Concord announced 300% YoY revenue growth and the doubling of its enterprise customer base with new customers including Kickstarter, Newell Brands, Barracuda Networks, Bitdefender, thetrainline.com, Rent the Runway, Sizzling Platter and Spark NZ (New Zealand).
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