The SF-based contract management platform seeks to simplify the unpleasantries in reaching a deal
A platform that wants to simplify managing contracts, Concord, announced the closing of its Series B round of funding in the amount of $25 million as the startup prepares to triple its personnel across various sectors and roll out new features as early as next month.
Concord operates a platform where enterprises can draft, redline, sign, store, share, and manage their contracts. Supplied with interactive features and alerts, it allows parties to negotiate and edit contracts in real time, skirting tedious steps and back-and-forths that often hold up reaching a deal.
The four-year-old San Francisco company said in a statement Tuesday that it is working with more than 200,000 clients around the globe and plans to expand further. This fundraising will be used to bring additional features to the platform and hire new talents.
“This funding round will deliver flawless scale and expanded platform capabilities,” Concord’s chief executive officer and co-founder, Matt Lhoumeau, said in an interview with VatorNews. “We plan on tripling headcount across our product development, sales, and marketing teams.”
Asked about the startup’s fast growth, Lhoumeau said Concord’s automated, collaborative environment solves issues and inefficiencies inherent in 96 percent of contract management processes.
“Companies quickly experience improvements in efficiency, scale, compliance, and the time to revenue. This, plus what we call our ‘network effect,’ whereby our customers invite others to join the platform, are key drivers of our growth,” Lhoumeau said.
“We also have a near-zero churn rate which contributes to the strength and sustainability of our growth,” he added.
When Concord launched in 2014, it had to bring awareness to the market on how central contracts are to a business process.
“Many aspects of contract management have been stubbornly rooted in hardcopy for many decades, causing friction and fragmentation throughout entire companies,” Lhoumeau said.
“The broad acceptance of cloud-based software platforms, the growing impetus to embrace digital transformation, plus the power and simplicity of the Concord platform are why we are now leading the change in how organizations are conducting business.”