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SaaS unicorn Icertis to raise $50 Mn

EntrackrEntrackr · 4m ago
SaaS unicorn Icertis to raise $50 Mn
Medial

US-based contract management SaaS firm Icertis is set to raise $50 million in a new funding round, according to a Form D filed with the US Securities and Exchange Commission (SEC). The filing did not disclose the names of the investors. Last year, an ET report indicated that SoftBank was likely to invest in Icertis' new funding round, which might conclude at $150 million. This round follows Icertis' previous $150 million funding in October 2022 consisting of a revolving credit facility and convertible financing from Silicon Valley Bank. Icertis is an enterprise contract management software provider offering AI-powered solutions to enhance risk management, compliance, and efficiency across departments like finance, legal, procurement, and sales. According to startup data intelligence platform TheKredible, Icertis has raised $522 million prior to this round, including both debt and equity, from investors such as Silicon Valley Bank, B Capital, Premji Invest, and others. Icertis became a unicorn in July 2019 after raising $119 million in its Series E round led by Premji Invest. It was last valued at around $5 billion. In India, the company is headquartered in Pune. Icertis Indian entity reported 33% growth in its operating revenue to Rs 863 crore in FY24 from Rs 649 crore in FY23. The company registered Rs 97 crore profit in FY24 compared to Rs 71 crore in the previous fiscal year.

SpotDraft raises $54 Mn in Series B round

EntrackrEntrackr · 5m ago
SpotDraft raises $54 Mn in Series B round
Medial

SpotDraft, a contract lifecycle management (CLM) platform, has raised $54 million in its Series B funding round led by Vertex Growth Singapore and Trident Partners. Xeed VC, Arkam Ventures, Prosus Ventures, and Premji Invest also participated in the firm’s new funding. With this, SpotDraft plans to invest in AI-driven products and expand its market presence. Previously, it raised $26 million in its Series A round in March 2023. SpotDraft provides contract management solutions for in-house legal teams which includes AI-assisted redlining, e-signatures, contract repositories, and third-party paper management. “We believe 2025 will be an inflection point for team SpotDraft,” said Shashank Bijapur, co-founder and chief executive officer. “Apart from market expansion and talent growth, we’re strongly committed to deepening the use of AI in the product to help legal teams unlock efficiencies and drive innovation.” With over 250 employees across its offices in Bengaluru and New York, SpotDraft is looking to further acquire key leadership talent in alignment with its growth strategy.

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