SpotDraft has successfully raised $54 million in funding over multiple rounds, with significant backing from prominent investors.
Keep reading to explore the intricacies of SpotDraft's fundraising journey and the investors supporting this innovative contract management platform.
What Is SpotDraft?
SpotDraft, founded by Madhav Bhagat and Shashank Bijapur, is an AI-driven contract automation platform. Established in 2017, the company operates from New York City, San Francisco, and Bengaluru.
SpotDraft helps organizations create, analyze, negotiate, sign, store, and manage contracts seamlessly. It serves big brands like Nomura and HDFC, as well as fast-growing startups such as PhonePe and UnAcademy.
With a team of 201-500 employees, SpotDraft is expanding its footprint in India, the US, Canada, the UK, and Singapore.
How Much Funding Has SpotDraft Raised?
- Seed Round
- Amount Raised: $1,500,000
- Date: February 22, 2019
- Lead Investors: Binny Bansal-backed 021 Capital
- Motivation Behind the Round: To expand SpotDraft's global footprint, targeting large-scale, medium-scale, and small-scale enterprises.
- Pre-Series A Round
- Amount Raised: $1,500,000
- Date: February 22, 2019
- Lead Investors: 021 Capital, led by Sailesh Tulsan and backed by Binny Bansal
- Motivation Behind the Round: To expand SpotDraft's global footprint, targeting large-scale, medium-scale, and small-scale enterprises.
Total Amount Raised: $3,000,000. Current Valuation: Not available.
Key Investors
- 500 Startups
- Details: 500 Startups is a global venture capital firm and seed accelerator. It is known for investing in early-stage companies and has a strong presence in the startup ecosystem.
- Investment Focus Areas: SaaS, Fintech, Healthtech
- Notable Investments: Credit Karma, Canva, Udemy
- Singapore Angel Network
- Details: Singapore Angel Network is a network of angel investors based in Singapore. It focuses on early-stage investments across various sectors.
- Investment Focus Areas: Technology, Healthcare, Consumer Products
- Notable Investments: RedDoorz, Carousell, ShopBack
- 021 Capital
- Details: 021 Capital is a venture capital fund led by Sailesh Tulsan and backed by Binny Bansal, Co-founder of Flipkart. The fund focuses on investing in innovative startups.
- Investment Focus Areas: AI, Biotech, Agricultural Technology
- Notable Investments: Pandorum Technologies, Ycook
- Girish Mathrubootham
- Details: Girish Mathrubootham is the Co-founder of Freshworks, a customer engagement software company. He is a prominent figure in the SaaS industry.
- Investment Focus Areas: SaaS, Customer Engagement Platforms, Enterprise Software
- Notable Investments: Freshworks, Chargebee, Innovaccer
- Hunch Ventures
- Details: Hunch Ventures is a venture capital firm founded by Karanpal Singh. The firm invests in a variety of sectors, focusing on innovative and disruptive technologies.
- Investment Focus Areas: Technology, Innovation, Various Sectors
- Notable Investments: Various investments through Hunch Ventures
What's Next for SpotDraft?
SpotDraft is poised to capitalize on the burgeoning legal-tech market, with significant opportunities to expand its global footprint and serve enterprises of all sizes. The demand for AI-driven contract management solutions, particularly for GDPR compliance, presents a vast market potential.
As SpotDraft scales, it is likely to attract further investment, potentially through Series A and subsequent funding rounds. However, the company will need to navigate challenges such as competition and ensuring the reliability of its AI algorithms across different regulatory environments.
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