E-signature company DocuSign adds three new investors

The company has formed new partnership to expand internationally and go further on mobile

Financial trends and news by Steven Loeb
November 20, 2014
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E-signature company DocuSign has added three new investors to its Series E round of funding, it was announced on Thursday, in order to expand itself into new markets.

The investment arm of the Singapore Economic Development Board (EDBI), Samsung Ventures and BBVA Ventures have joined the DocuSign Global Trust Network as strategic investors, alongside previous investors  Visa, Testra Ventures, the Salesforce1 Fund, Mitsui & Co. (USA), NTT Finance and Recruit Holding

The exact amount of financing from these three investors was not disclosed, but it will be added to the $115 million the company already raised this year, including an $85 million round  in March and a $30 million round in October. In all, the company has raised more than $230 million in total to date.

The funding will be used to grow internationally, specifically in Asia and Latin America, through its new partnership with BBVA and EDBI.

"We will be funding our continued growth and most of all with these critical business partners we’ll leverage their expertise to expand into new international markets and deeper into industry specific use cases," Mike Dinsdale, CFO of DocuSign, told VatorNews.

BBVA Digital Banking is a group created to execute solely on the digital transformation of BBVA, which is the largest Bank across Spain, Mexico and Latin America.

"They see a digital evolution and the inevitable disruption around the way we currently conduct banking.  They believe that customer experience will be a very key driver of this transformation. And that having paper based transactions is a disadvantage," Dinsdale explained to me.

The partnership is mutually benefitial: while BBVA will help DocuSign enter new markets and DocuSign, with DTM, allow BBVA to "manifest their vision."

Meanwhile, EDBI is DocuSign's entry into Asia, as it is a leading economic development investment firm for Singapore, which is "a leader in growth and a hub for Asia."

"They bring over 20 years of technical knowledge, commercial experience and vast network of resources and partners to help their portfolio companies like DocuSign scale worldwide," said Dinsdale. "EDBI sees DocuSign as an engine for the digital transformation across every major industry."

The investment from Samsung will allow the company to expand further into mobile, and will be used as a precursor to developing a broader strategic relationship that will help further enable digital transformations by standardizing on DocuSign.

"BBVA, Samsung, and EDBI, among many other multinational companies have told us that they have big corporate initiatives around digitizing all of their business to improve customer experience and increase ROI and increase the security of doing their business. It’s not an option; it’s an imperative," Dinsdale said.

Founded in 2004, DocuSign is an e-signature transaction management company, whose goal is to help every global enterprise, business department, small to mid size business, individual professional and consumer to securely sign anything, anytime, anywhere, and on any device.

It is used by a number of different verticals, including financial services, insurance, technology, healthcare, government, manufacturing, communications, real estate, retail, consumer goods, higher education and non-profits.

The company now has more than 120,000 companies as customers, millions of users in 188 countries, and more than 40,000 new unique users joining each day. Customers include State Farm, Morgan Stanley, HP, Microsoft, Salesforce, McDonalds, Walmart and Tesla.. The company also counts 10 of the top 15 U.S. wealth management firms as customers, and 11 of the top 15 U.S. Insurance carriers.

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