What a week!! Just after Tuesday’s announcement of AB Tasty raising $17M Series B to accelerate in the U.S., yet another of our alumni secured a new round of funding! Concord, 2014 Impact alumni, just raised $3.7M in Series A to become the GoogleDocs for Contracts. Concord is the leading Contract management platform that solves the challenge of reconciling speed and compliance for hyper-growth and enterprise-level companies. The investment will be used to scale the marketing and sales organizations in the U.S.
In the article written by Romain Dillet for TechCrunch, the author writes that: “Many departments rely on contracts to work with clients, suppliers, legal partners and more. But it’s still a tedious process as you often start working on a contract in Word, then send it back and forth with your coworkers and partners before everybody signs it. There are a few tech products out there making it simpler to manage documents and revisions in the cloud, manage digital signatures and more. Concord wants to centralize everything related to contract management into one service, and this service is supposed to work for all sorts of teams.”
Companies like Just Eat have been using it across the board, from the sales team to the HR team, and Concord also works with enterprise-level companies like Johnson & Johnson, Sony Music, Intel, Crédit Mutuel and Stanford University.
Concord removes the compliance friction that slows high-growth companies down. It speeds up the processes making them more agile, and able to scale faster and more sustainably.
The process starts with writing new contracts. Concord lets you create and edit contracts directly in your browser. If you want to send it to a coworker, you just share the Concord document. The platform then tracks changes and versions so that everybody across your organization stays on the same page. And those contracts are legally binding. If you need to get your manager’s approval before sending a contract, you can notify your boss or the CFO of your company directly in Concord. If the client wants to renegotiate some points, you can edit the contract in Concord again.
And once everything is done, Concord archives all your contracts so you keep track of all the contracts you signed with a specific suppliers. Concord has integrations with Salesforce, Box and Google Drive.
The announcement comes on the heels of rapid growth for Concord, where the users base has expanded of 400% in the 19 months since seed funding to 80,000 companies globally.
About the fund raise
The round was led by the French VC firm Alven Capital and also included previous Concord investors Streamlined Ventures, Bruno Deschamps, and Thibault Poutrel. Other investors in Concord include Cota Capital and Tien Tzuo, CEO and Cofounder of Zuora. “Concord has achieved a high growth velocity due to it’s innovative platform and being the first to define a market that’s been neglected for 30 years. I’m incredibly excited to see how that takes off even further with this investment,” said Raffi Kamber, partner at Alven Capital.
New executives hires
Ryan Ward, formerly Head of Enterprise Sales at Signifyd, and Travis Bickham, formerly Head of Enterprise Marketing at Tradeshift, have both joined the executive team following the round as Director of Sales and VP of Marketing.
“What most companies miss is that contracts aren’t documents, they’re relationships and they need to be managed for their entire lifecycle as such. This is a massive untapped market and our immediate traction speaks volumes to this. We’re pleased to continue working with investors who recognize this opportunity and bring decades of SaaS expertise. And we’re thrilled to be bringing on proven leaders like Ryan and Travis, who’ve continually produced massive commercial success in their previous roles,” said CEO Matt Lhoumeau.