Total amount raised
$240 Millions
Latest funding date
10/1/2021
Location
Ontra has successfully raised significant funding over multiple rounds, with notable investors including Battery Ventures and Mike Paulus. The company offers AI-powered contract automation solutions specifically designed for private markets.
Keep reading to explore the intricacies of Ontra's fundraising journey and the investors backing this innovative platform.
What Is Ontra?
Ontra, founded in 2014, is headquartered in San Francisco, California. The company was established by Ben Levi, Lane Lillquist, and Troy Pospisil.
Specializing in AI-powered contract automation, Ontra provides solutions that streamline legal and compliance workflows for private markets. Their technology combines experienced corporate attorneys with cloud-based software to unlock valuable data within contracts.
With a team of 251-500 employees, Ontra continues to innovate in the legal tech space, offering scalable, end-to-end solutions for negotiating and managing routine legal work.
How Much Funding Has Ontra Raised?
- Series A
- Amount Raised: $40M
- Date: January 2019
- Lead Investors: Battery Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop and expand the company's technology and services.
- Series B
- Amount Raised: $200M
- Date: October 2021
- Lead Investors: Blackstone Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand operations, business reach, and invest further in R&D.
Total Amount Raised: $240M. Current Valuation: Not publicly disclosed.
Key Investors
- Blackstone Group
- Details: Blackstone is one of the world's leading investment firms, specializing in private equity, real estate, credit, and hedge fund investment strategies. The firm has a global presence and manages assets worth billions of dollars.
- Investment Focus Areas: Private equity, real estate, credit, hedge funds.
- Notable Investments: Hilton Worldwide, Merlin Entertainments, Refinitiv.
- Battery Ventures
- Details: Battery Ventures is a global, technology-focused investment firm that invests in companies at all stages of their growth. The firm has been active for over 35 years and has a strong track record in the tech industry.
- Investment Focus Areas: Software, IT infrastructure, consumer technology, industrial technology.
- Notable Investments: Glassdoor, Wayfair, Nutanix.
- Mike Paulus
- Details: Mike Paulus is a board member of Ontra and has a background in running and selling tech companies. He previously ran Assurance IQ, which was sold to Prudential, and has been an investor with Andreessen Horowitz.
- Investment Focus Areas: Technology, financial services.
- Notable Investments: Assurance IQ (sold to Prudential).
What's Next for Ontra?
Ontra stands at the cusp of significant growth, driven by the increasing demand for contract management software. With the global market projected to reach $3.57 billion by 2028, the company is well-positioned to capitalize on this opportunity. The recent $200 million Series B funding will enable Ontra to expand its operations, enhance its AI and NLP capabilities, and broaden its customer base beyond the current 500 enterprises.
Future fundraising opportunities seem promising as Ontra continues to scale. The company may attract further investments to support its growth and innovation. However, challenges such as competition from other legal tech firms, rapid technological advancements, and ensuring data security and compliance could pose hurdles. Navigating these challenges will be crucial for Ontra's sustained success and market leadership.
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