It is another big investment in contract lifecycle technology, as London-based ContractPodAi today announced a $115 million Series C investment headed by SoftBank Vision Fund 2, reportedly at a valuation five times greater than the company’s Series B round in 2019.
The investment is “big” in terms of dollars — exceeding last year’s $100 million Series D in digital contracting platform Ironclad — but also “big” in that it is the first investment in a legal technology company by SoftBank’s Vision Fund 2, one of the world’s largest technology investment funds, which is focused on “global AI innovators working to transform industries.”
(ContractPodAi was recently featured in an episode of our How It Works video series.)
ContractPodAi said that it will use proceeds from the round to accelerate its platform capabilities and expand its market presence internationally, including by leveraging SoftBank’s networks to pursue opportunities in the APAC region.
Eagle Proprietary Investments, an existing investor in the company’s Series A and B rounds, also participated in this round, “doubling down” on its previous investments, according to the company.
ContractPodAi said that this round follows record-setting sales quarters this year, including multiple global, enterprise-wide rollouts for Fortune 500 clients. The company was named a Visionary in the 2021 Gartner Magic Quadrant report for Contract Lifecycle Management.
The company is also the recipient of the 2021 International Business Awards Legal Company of the Year, the Edison Award and the AI Breakthrough Award.
Founded in 2012, ContractPodAi says its platform is designed for in-house legal teams to streamline and simplify all legal processes, from the simplest to the most complex.
It originally developed an end-to-end contract lifecycle management platform, then more recently expanded beyond CLM with the launch of ContractPodAi cloud, a no-code platform designed to allow legal teams to manage any legal scenario, process or document.
“We are just scratching the surface of what we can do,” said Sarvarth Misra, cofounder and CEO of ContractPodAi. “The market is asking for a legal platform, a technology infrastructure that supports in-house legal teams like CRM does for sales teams or fintech for finance.
“With the backing of Insight Partners, Eagle Proprietary Investments, and now SoftBank Vision Fund 2, we are ready to win the market by driving digital transformation for our customers with our One Legal Platform approach.”