Enterprise Resource Startup provider Icertis, has raised Series C funding of $25 Million (Rs.175 Crore). The funding was led by B Capital group with super pro-rata participation from existing investors Ignition Partners, Greycroft in partnership with e.ventures and Eight Roads Ventures. By this funding round, the Startup has raised the total funding of $46 Million (Rs.300 Crore).
The Washington based startup was founded in March 2009 by Samir Bodas and Monish Darda. The startup also has operational offices in Pune and Mumbai. Icertis is the leading provider of contract lifecycle management in the cloud. Previously, in March 2016, Icertis have raised Series B funding of $15 Million from Ignition Partners and in April 2015, Series A Funding of $6 Million from Eight Roads Ventures and Greycoft Partners.
Samir Bodas, CEO of Icertis, said, “This round had been raised at a 3x increase in valuation of the firm over the previous round. In today’s hyper-competitive world, forward-thinking enterprises are rapidly recognising the need to transform their commercial foundation with a true enterprise-wide contract management platform.”
Icertis Contract Management (ICM) is an innovative, easy-to-use platform that is highly configurable and continually adapts to complex business needs. ICM enables customers to increase compliance, improve governance, mitigate risk and enhance user productivity, thereby maximising ROI and accelerating time to value across the global enterprise.
Today, ICM is used by customers like 3M, ABB, AbbVie, Becton Dickinson, Cognizant, Daimler, Microsoft and Roche, to manage 2+ million contracts, by 750,000+ users, in 90+ countries and 40+ languages. With its intelligent workflow and built-in analytics, ICM provides ongoing contractual insights and best-of-breed contract management.
B Capital was co-founded in 2015 by Facebook co-founder Eduardo Saverin and Silicon Valley-based Indian-origin investor Raj Ganguly.
Commenting on the Investment, Raj Ganguly, co-founder and Partner at B Capital Group, said: “When a market leading company doubles revenues every year and maintains positive cash flow, it’s an extremely compelling investment. Icertis is disrupting the $6 Bn contract management market by turning contracts into strategic assets and enabling companies to find new sources of value while reducing risk.”
Icertis will use their fresh funds raised for investing in R&D to strengthen the core Icertis Contract Management (ICM) platform. They will also expand its staff in Seattle, San Jose, Pune and Stuttgart and add new offices in the US and Europe. Read more about Indian Startup Ecosystem.