Contract lifecycle management (CLM) SaaS platform SimpliContract has closed its pre-Series A round on $3.5m, as it looks to expand in the US and Europe.
The investment was led by Emergent Ventures, with contributions also coming from Kalaari Capital, Picus Capital, Foster Ventures, Leslie Ventures and Sentinel Ventures.
SimpliContract will use the funds to bolster its growth in the US and European markets, with a focus on investing in sales and marketing.
Founded in 2020, supports companies with contract authoring, contract repository, contract management, analytics and insights, enterprise integrations and data extraction.
Its platform is powered by NLP-enabled AI technology and helps legal, sales, finance and procurement teams. Its clients include Bass Pro Shops, ATI Physical Therapy, NHS, Kent Police, Cyient, Flipkart Group and Byju’s.
The company claims to reduce contracting time by up to 40% and help businesses to save millions of dollars.
Kalaari Capital partner Ravinder Singh, “SimpliContract’s CLM platform is a game-changer for enterprises across industries and we have been delighted to witness the pace at which the company has grown over the last two years to serve notable enterprise brands.
“Guru, Makesh, and Jinaraj form a highly capable, mature, and passionate founding team, with a deep understanding of customers and product building. We are privileged to have been an early backer in their journey and remain committed to helping them scale globally.”
SimpliContract has raised a total of $5.3m in funding. It previously secured $1.8m for its seed round in June 2021.
Last year, Emergent Ventures joined the seed funding round of US-based InsurTech startup Mile Auto. The company offers pay-per-mile car insurance.
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