Total amount raised
$51.1 Millions
Latest funding date
9/1/2021
Location
PandaDoc has successfully raised significant funding through multiple rounds, with its latest being a Series C. The platform specializes in document automation, offering tools for creating, delivering, and managing various sales documents.
Keep reading to explore the intricacies of PandaDoc's fundraising journey and the investors backing this innovative platform.
What Is PandaDoc?
PandaDoc, founded in 2011 by Eugene Nevgen, Mikita Mikado, and Sergey Barysiuk, is headquartered in San Francisco, California. The company specializes in document automation, offering tools for creating, delivering, and managing sales documents.
With a team of 501-1000 employees, PandaDoc provides a comprehensive solution for document management, including features for e-signatures, workflow management, and document building. Their platform is designed to streamline the process of handling quotes, proposals, contracts, and other sales collateral.
Operating actively in the SaaS industry, PandaDoc has established itself as a key player in the document management space, helping businesses enhance their efficiency and productivity.
How Much Funding Has PandaDoc Raised?
- Seed Round
- Amount Raised: $655K
- Date: May 2013
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial product and enter the market.
- Seed Round
- Amount Raised: $400K
- Date: July 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further product development and early customer acquisition.
- Series A
- Amount Raised: $5M
- Date: July 2015
- Lead Investors: Altos Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and expand the team.
- Series B
- Amount Raised: $15M
- Date: May 2017
- Lead Investors: Rembrandt Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product features and increase market penetration.
- Series B
- Amount Raised: $30M
- Date: August 2020
- Lead Investors: One Peak
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and expand into new markets.
- Series C
- Amount Raised: Not publicly disclosed (estimated up to $100M)
- Date: September 2021
- Lead Investors: G Squared, OMERS Growth Equity
- Valuation at Round: $1 billion
- Motivation Behind the Round: To support global expansion and product innovation.
Total Amount Raised: $50.655M (excluding undisclosed Series C amount). Current Valuation: $1 billion.
Key Investors
- OMERS Growth Equity
- Details: OMERS Growth Equity is part of OMERS, one of Canada's largest defined benefit pension plans. They focus on high-growth companies in North America and Europe.
- Investment Focus Areas: Technology, healthcare, financial services.
- Notable Investments: Shopify, PointClickCare, Coveo.
- G Squared
- Details: G Squared is a venture capital firm that invests in growth-stage technology companies. They are known for partnering with companies that have the potential to disrupt their respective industries.
- Investment Focus Areas: Technology, internet, digital media.
- Notable Investments: Lyft, Spotify, Coursera.
- Altos Ventures
- Details: Altos Ventures is a venture capital firm that focuses on early and growth-stage technology companies. They provide long-term support to their portfolio companies.
- Investment Focus Areas: Software, internet, digital media.
- Notable Investments: Roblox, Coupang, SendBird.
- Rembrandt Venture Partners
- Details: Rembrandt Venture Partners is a venture capital firm that invests in early to mid-stage technology companies. They focus on helping companies scale and achieve market leadership.
- Investment Focus Areas: Enterprise software, SaaS, cloud computing.
- Notable Investments: AppDynamics, Cloudera, Docusign.
- One Peak Partners
- Details: One Peak Partners is a growth equity firm that invests in technology companies in Europe. They focus on companies with strong growth potential and market leadership.
- Investment Focus Areas: Software, internet, technology-enabled services.
- Notable Investments: HighQ, Neo4j, Spryker.
What's Next for PandaDoc?
PandaDoc's future looks promising as it continues to expand into new markets, particularly in Europe and North America. The company aims to leverage the political and economic stability of countries like Ukraine and Poland to fuel its operational growth. With a valuation of $1 billion and a recent Series C funding round, PandaDoc is well-positioned to attract further investment from international venture capital firms.
As the demand for digital solutions in document management grows, PandaDoc plans to enhance its platform functionality and increase its presence in new verticals. However, the company may face challenges such as navigating political uncertainties and managing a geographically dispersed team. Despite these hurdles, PandaDoc's focus on innovation and market expansion suggests a bright future with potential for additional fundraising and strategic acquisitions.
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