SimpliContract has secured $3.5 Mn in a Pre-Series A funding round led by Emergent Ventures
Kalaari Capital, Picus Capital, Foster Ventures, Leslie Ventures, and Sentinel Ventures also participated in the round
Including the latest fundraise, SimpliContract has secured $5.3 Mn funding in aggregate
SaaS startup SimpliContract has secured $3.5 Mn in a Pre-Series A funding round led by Emergent Ventures.
Kalaari Capital, Picus Capital, Foster Ventures, Leslie Ventures, and Sentinel Ventures also participated in the round.
SimpliContract plans to utilise the funds for business growth and expansion in the US and Europe, with a focus on strengthening sales, marketing and product offerings. It will further deploy funds for building AI capabilities.
Including the latest fundraise, SimpliContract has secured $5.3 Mn funding in aggregate.
Founded in 2020 by Makesh Kumar, Jinaraj P G and Guru Venkatesan, SimpliContract is a SaaS-based and AI-enabled enterprise contract lifecycle management platform. It helps businesses accelerate revenue, reduce risk, improve compliance, reduce expenses and improve productivity.
In essence, contract lifecycle management (CLM) is a method to manage business contracts right from initiation to compliance and renewal.
“SimpliContract mainly follows three business modules. Firstly, it is a contract authoring platform, where two parties negotiate, set terms and conditions with standardised templates and also perform automated deviation, version tracking and dynamic approval workflows,” Guru Venkatesan said explaining the startup’s business model.
The startup has a contract record repository to offer data insights. It also tracks obligations and commitments to better analyse business relations between companies.
The startup mainly provides services to companies working in retail, technology and business services. It is currently working with more than 40 customers across the globe. It counts ATI Physical Therapy, NHS, Kent Police, Cyient, Flipkart Group, and BYJU’S as its clientele.
The startup claims its revenue and customer base grew 5X in FY22-23. It now aims to achieve a 8X revenue growth by FY24.
In India, it competes with the likes of Icertis Contract Management, LinkSquares, PandaDoc and DocuSign CLM.
As per a Future Market Insights report, the country’s CLM segment is expected to grow at a CAGR of about 15.4% between 2022 and 2029.