By Abhay Ray 
Introduction
The round was led by Vertex Growth Singapore and Trident Partners. Existing investors Xeed VC, Arkam Ventures, Prosus Ventures, and Premji Invest also participated. SpotDraft, the CLM platform that helps in-house legal teams manage their contract ecosystems, has raised $54 million in Series B funding. Vertex Growth Singapore and Trident Partners were the lead investors, the existing ingvestors (Xeed VC, Arkam Ventures, Prosus Ventures, and Premji Invest) have also participated in this round. SpotDraft is an AI-driven contract lifecycle management (CLM) platform built for in-house legal teams. The tool manages all aspects of contracting, including AI-assisted redlining, e-signatures, intelligent contract repository, third-party papers, and more.
About SpotDraft
SpotDraft was founded in 2017 by Carnegie Mellon graduate Madhav Bhagat and Harvard Law School alumnus Shashank Bijapur with the goal of revolutionizing how companies manage contracts. The business, which has offices in New York and Bengaluru, provides a complete AI-driven CLM solution that automates and optimizes the contractual process.
The platform offered by SpotDraft includes clickwrap agreements, intelligent contract repositories, third-party paper reviews, and AI-assisted redlining and e-signatures. The platform’s use of AI greatly minimizes legal teams’ manual labor, freeing them up to concentrate on higher-value work rather than administrative snags. SpotDraft was featured in the Fast Company’s Most Innovative Companies list in 2024 and Forbes Asia’s 100 To Watch for in 2024.
$54M in Series B Funding Secures
SpotDraft, a leading AI-powered contract lifecycle management (CLM) platform, has raised $54 million in Series B funding to fuel its growth and enhance its offerings. The funding round was led by Vertex Growth Singapore and Trident Partners, with additional support from existing investors such as Xeed VC, Arkam Ventures, Prosus Ventures, and Premji Invest.
The company plans to use the new capital to further develop its AI capabilities, expand its market reach, and recruit key leadership talent to accelerate its position in the legal tech industry. With its unique suite of tools designed for in-house legal teams, SpotDraft aims to simplify and automate legal workflows, including AI-assisted redlining, e-signatures, intelligent contract repositories, and clickwrap agreements.
This funding follows a successful $26 million Series A round in March 2023, marking a significant milestone in SpotDraft’s rapid growth. The company now boasts over 250 employees across offices in Bengaluru and New York, further solidifying its position as a key player in the legal technology space.
Previous Funding Round
Before its successful $54 million Series B funding round, SpotDraft raised $26 million in Series A funding in March 2023. This earlier investment marked a significant milestone in the company’s growth journey and underscored the increasing investor confidence in the legal tech sector. Previously, in 2019, the company had raised $l.5 million in its pre-Series A funding round led by 021 Capital. In 2017, it bagged $550,000 in its seed funding round led by VC firm Hunch Ventures and also saw participation from Spiral Ventures, 500 Startups, Singapore Angel Network and Citrus Payments founder Satyen Kothari.
Funding Led by Vertex Ventures and Trident Partners
The $54 million Series B funding round for SpotDraft was led by Vertex Growth Singapore and Trident Partners. These leading investors are backing the company’s vision to revolutionize the legal tech industry through AI-powered contract lifecycle management (CLM) solutions.
Vertex Ventures, known for supporting high-growth companies across various sectors, and Trident Partners, a prominent investment firm, have both recognized the significant potential of SpotDraft’s innovative platform. The round also saw participation from existing investors, including Xeed VC, Arkam Ventures, Prosus Ventures, and Premji Invest.
This investment will help SpotDraft accelerate its product development, enhance its AI-driven solutions, and expand its footprint in the rapidly growing legal tech market. The company plans to leverage these funds to further automate legal processes and provide more advanced tools for in-house legal teams worldwide.
Empowering In-House Legal Teams with AI – SpotDraft’s Vision
SpotDraft aims to revolutionize the legal industry by providing AI-powered tools designed to streamline and automate contract lifecycle management (CLM) for in-house legal teams. The company’s vision is to eliminate the complexity and inefficiency traditionally associated with legal workflows, enabling legal teams to focus on higher-value work.
By offering a comprehensive suite of tools such as AI-assisted redlining, intelligent contract repositories, e-signatures, and clickwrap agreements SpotDraft helps organizations manage their contracts more effectively and with greater speed. The AI capabilities embedded within the platform assist in automating time-consuming tasks like contract review, compliance checks, and approvals, significantly reducing the need for manual intervention.
SpotDraft’s ultimate goal is to empower legal teams by making contract management seamless, faster, and more efficient, while leveraging cutting-edge AI technology to provide smarter, data-driven solutions.
Growth and Global Presence
SpotDraft has experienced rapid growth since its inception, positioning itself as a leader in the legal tech industry. The company now boasts a workforce of over 250 employees spread across its offices in Bengaluru, India, and New York, USA. This global presence reflects SpotDraft’s commitment to serving clients worldwide, ensuring its AI-driven contract lifecycle management platform is accessible and effective for in-house legal teams around the globe.
The company’s success can be attributed to its ability to adapt to the needs of legal teams in various industries and regions, offering innovative solutions that streamline contract management processes. SpotDraft’s expansion into new markets and its growing customer base highlight the increasing demand for technology-driven solutions in the legal sector. As SpotDraft continues to scale its operations, the company aims to solidify its position as a key player in the global legal tech ecosystem, driving further innovation and expanding its reach across new geographies and verticals.
Conclusion
SpotDraft’s successful $54 million Series B funding round marks a significant milestone in the company’s growth, showcasing strong investor confidence in its AI-powered contract lifecycle management platform. Led by Vertex Ventures and Trident Partners, along with support from existing investors, this funding will enable SpotDraft to enhance its AI capabilities, expand its market presence, and attract top talent to further its mission of revolutionizing legal workflows. The company’s commitment to innovation and its proven track record make it an exciting player to watch in the legal technology industry. This funding round underscores the increasing demand for advanced, AI-driven solutions in contract management, paving the way for SpotDraft’s continued success and industry impact.
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