SpotDraft raises $26 million in series A funding
- ByStartupStory | March 6, 2023
SpotDraft, a top Contract Lifecycle Management (CLM) solution powered by AI for rapidly growing startups and scaleups, revealed that it has successfully completed its Series A funding round, raising $26 million. The funding round was spearheaded by Premji Invest and saw contributions from 021 Capital, Prosus Ventures, Riverwalk Holdings, 100x Entrepreneur Fund, and Arkam Ventures. SpotDraft will utilize the funds to expand its product line and pursue rapid growth in North America, a critical market for the firm.
SpotDraft’s platform is designed to be user-friendly for various teams, including legal, sales, marketing, human resources, business operations, and procurement. The software streamlines contract creation, management, review, and execution, as well as agreement storage and organization, legal requests and approvals, and automated risk report generation, all through a modern dashboard. This intuitive platform minimizes bottlenecks and repetitive tasks while utilizing the legal team’s expertise effectively. SpotDraft is seamlessly integrated with numerous tech stacks used by startups and enterprises, such as Hubspot, Salesforce, Slack, Google Drive, and more.
With over 1 million processed contracts, SpotDraft’s CLM solution powered by AI has successfully saved customers such as Notion, Airbnb, Strava, Panasonic, and Chargebee more than 1.5 million hours of tedious paperwork. SpotDraft’s AI integration accelerates several contract review and management tasks, including quick summaries of tracked changes received, semantic search functionality across contracts, and the automatic generation of follow-up tasks related to contract execution
SpotDraft, notes that the significant volume of work handled by legal teams often leads to bottlenecks. Legal teams today are expected to be leaders in business strategy, governance, compliance, and risk management, but are often overburdened with repetitive tasks. SpotDraft’s AI-powered CLM solution acts as a co-pilot for legal teams, serving as a strategic partner for in-house counsel by handling time-consuming tasks and enabling them to focus on higher leverage activities.
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