Contract lifecycle management (CLM) platform SpotDraft has raised $54 million in a Series B funding round led by Vertex Growth Singapore and Trident Partners. The round also saw participation from existing investors Xeed VC, Arkam Ventures, Prosus Ventures, and Premji Invest. This comes after the company’s $26 million Series A funding in March 2023.
Founded in 2017 by Shashank Bijapur, Madhav Bhagat, and Rohith Salim, SpotDraft provides an AI-enabled CLM platform designed for in-house legal teams. The platform streamlines contract processes with AI-assisted redlining, e-signatures, intelligent contract repository, third-party paper management, clickwrap agreements, and more.
SpotDraft has witnessed rapid growth in the past two years and aims to expand its team beyond its current 250 employees across Bengaluru and New York. The company also plans to strengthen its AI capabilities and expand into new markets.
SpotDraft CEO Shashank Bijapur highlighted the company’s focus, stating: “Apart from market expansion and talent growth, we’re strongly committed to deepening the use of AI in the product to help legal teams unlock efficiencies and drive innovation.”
James Lee, Managing Partner at Vertex Growth, emphasized SpotDraft’s product vision, stating: “SpotDraft’s product vision and go-to-market strategy is anchored on a deep understanding of enterprise legal teams’ painpoints and the unwavering commitment to delivering a world-class solution in enabling faster and more accurate contract processes.”
Beyond its end-to-end CLM offerings, SpotDraft is enhancing its AI functionality with newly launched products like VerifAI and ClickThrough, aimed at mid-market companies.
With this fresh funding, SpotDraft is well-positioned to strengthen its market presence, enhance its AI-powered legal tech solutions, and scale operations globally.
