Company launches the only solution that lets legal teams design and immediately deploy contract workflows on their own
SAN FRANCISCO, Sept. 17, 2019 /PRNewswire/ -- Ironclad, the digital contracting platform loved by modern legal teams, announced today that it has closed a $50 million Series C funding round, led by Y Combinator Continuity with participation from Emergence Capital. Returning investors including Accel and Sequoia Capital also participated in the round. Ironclad will use this financing to expand into new geographies and double down on contracting solutions for its growing community of General Counsels, legal operations and their teams.
Since its last funding round, Ironclad has more than doubled its customer base to include some of the most dynamic companies in the United States, including FitBit, The Texas Rangers, Procore, Dropbox and Away. Its revenue has increased by 300 percent and employee count by 170 percent. Ironclad also has one of the most diverse executive teams in the technology space, with 75 percent being women and minorities.
On a mission to power the world's contracts, Ironclad helps transform legal teams from cost centers to revenue enablers. According to Gartner, in-house legal teams are being asked to do 90% more work with only 3% more resources. Automating the fragmented and manual contract process is a $60+ billion dollar market opportunity.
"We were excited to be a part of this wave of collaboration software," said Ali Rowghani, CEO of Y Combinator Continuity. "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."
"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," said Jake Saper, Partner at Emergence Capital. "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."
Introducing Workflow Designer
Ironclad also announced the launch of Workflow Designer, the only contracting solution that lets customers bake complex business processes into their contracts, without needing to rely on outside or engineering help.
While traditional contract lifecycle management vendors require months—even years—to implement basic workflows, Workflow Designer gives customers the power to build and iterate on workflows immediately, often deploying in a matter of minutes. Customers have unprecedented autonomy over their business processes and implementation timelines, and enjoy the fastest time-to-value on the market.
"This round and our continued momentum highlights how big the opportunity is to streamline contracting for every type of company in the world," said Jason Boehmig, co-founder and CEO of Ironclad. "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."
For a personal demo of Workflow Designer, visit Ironclad.
Ironclad is the leading digital contracting platform for legal teams. By streamlining contract workflows, from creation and approvals to compliance and insights, Ironclad frees legal to be the strategic advisors they're meant to be. Ironclad is used by modern General Counsels and their teams at companies like Dropbox, AppDynamics and Fitbit to unlock the power of their contracts data. Ironclad was named one of the 20 Rising Stars as part of the Forbes 2019 Cloud 100 list, the definitive list of the top 100 private cloud companies in the world. The company is backed by investors like Accel, Sequoia, Y Combinator and Emergence Capital.
To learn more, please visit us at https://www.ironcladapp.com
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