Contract management platform Concord has closed a $10m Series A round led by Charles River Ventures.
The fundraising, which also saw participation from existing investor Alven Capital, will be used to scale the company’s product and commercial teams.
Founded in 2014, and headquartered in San Francisco, Concord enables 100,000 companies around the globe to connect all of their people, processes, and contracts in one place. Its platform offers unlimited e-signatures and storage for any number of users in all types of businesses. It claims this enables companies to accelerate growth while maintaining ‘flawless compliance’.
“Our focus is always on working with exceptional teams who are creating something unique with massive market opportunities,” said Murat Bicer, general partner at CRV. “When we first met Concord, we were very impressed with the quality of their product and the excitement from their customers. We are looking forward to partnering with them as they build the next market leader in contract management.”
Built with intuitive features, like online negotiation and editing, deadline alerts, and approval workflows, Concord provides its services to a range of industries including construction, education, technology, tax accounting, mortgage, life sciences and finance, among others.
Concord’s finance industry contract management software claims to establish accountability and increase transparency. The platform also simplifies account processing and compliance procedures by electronically signing documents.
It estimates that annual cost for a bank to manage a checking account is between $250 and $300. The company also places the record management cost reduction after going paperless at 60 to 70%.
Concord was co-founded by Matt Lhoumeau and Florian Parain. Prior to founding the platform, Lhoumeau worked with the CEOs of Iliad and RATP, Europe’s main telecommunication and public transport operators. He also worked with former French President Nicolas Sarkozy during the 2007 campaign.
Parain previously worked for Capgemini on several of its leading client accounts including SFR. Among other initiatives, he also co-founded a leading French children’s literature website which he managed for six years.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
