Switzerland-based electronic signature platform Skribble has raised €10m in its Series A funding round as it gears up for geographic expansion.
The investment was led by Acton Capital Partners, an international venture capital firm aimed at digital businesses. Commitments also came from VI Partners. Bitcoin Suisse chairman of the board of directors Luzius Meisser also joined the round.
With the funds, the electronic signature platform hopes to boost its geographic expansion, grow the office in Karlsruhe and the German team, and more. It hopes to boost its presence in more European markets and is looking to accelerate the development of its product.
According to Skribble, employment and supplier contracts, along with delivery notes or tenders, have needed a replacement to printer, paper and physical signatures. Skribble is a digital method to do this.
Founded in 2018, the electronic signatures platform offers all e-signature standards from a single source and supplies the legally appropriate electronic signature for every type of contract.
These are based on legally regulated standards, including qualified electronic signature. Its services are used by 3,000 companies across over 30 countries.
Speaking on the investment, Acton Capital partner Dominik Alvermann said, “Due to a lack of trust in legal certainty and ready-to-use e-signing solutions,more than 99% of contracts in Germany are currently printed out and signed by hand.
“Skribble has launched an e-signature service that is completely watertight in terms of legal validity and data protection, eclipsing paper and pens when it comes to simplicity. This is exactly what German companies need to face the digital transformation.”
Last year, a report from ResearchAndMarkets.com found that the global e-signature market is expected to grow at a CAGR of 26.6% from 2021 to 2030, reaching $12.7bn in revenue.
Earlier in the year, Electronic IDentification released a report exploring what advanced electronic signatures are and why firms should care.
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