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This round of funding will be used by Ironclad to expand into newer horizons and double up their contracting solutions, used by the growing community of General Counsels, legal operations, and their teams.
FREMONT, CA: San Francisco based startup, Ironclad, raised USD 50 million in a Series C Round led by Y Combinator Realty. Existing investors Accel, Sequoia Capital, and Emergence capital also participated in this round. With this round, the digital contracting platform took its total funding to USD 83 million.
This round of funding will be used by Ironclad to expand into newer horizons and double up their contracting solutions, used by the growing community of General Counsels, legal operations, and their teams. The company has managed to more than double their customer base since the last round of funding, adding some dynamic U.S. companies like FitBit, The Texas Rangers, Procore, Dropbox, and Away.
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“This round and our continued momentum highlight how big the opportunity is to streamline contracting for every type of company in the world. Our newest investors bring a depth of later-stage company experience and a vision for what cloud companies will look like in the future. Our new funding will fuel continued product innovations, like our new Workflow Designer, which is accelerating contracting time by 85% for our customers," said Jason Boehmig, co-founder and CEO of Ironclad.
The company also announced the launch of its new Workflow Designer, a tool that helps teams to create custom workflows based on their processes and timelines efficiently. The Workflow Designer is simple to use and complements the service's existing tools for managing the lifecycle for contracts and collaborating on legal documents.
"We were excited to be a part of this wave of collaboration software. The contracting process poses a massive challenge for all companies, and Ironclad is the first solution to enable teams to meet that challenge. We've known the Ironclad team since the Summer 2015 YC batch and continued to be impressed by the company's growth, innovation, and executive focus," said Ali Rowghani, CEO of Y Combinator Continuity.
Traditional contract lifecycle management vendors take months, sometimes years, for implementing basic workflows. The new Workflow Designer allows customers to build and iterate on workflows immediately, deploying them in a matter of minutes. As a result, customers have unprecedented autonomy over their business processes and implementation timelines and can enjoy the fastest time to value on the market.
"There has been very little innovation at the crossroads of legal and technology relative to the scope of the opportunity because the problems are complex and require expertise across different domains. What's remarkable about Ironclad is the deep level of expertise at the executive level across both the legal and tech sectors. Ironclad's leaders are committed to building a company that will change the role in-house legal teams play within modern businesses, helping them become more strategic," said Jake Saper, Partner at Emergence Capital.
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