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NEW YORK, Feb. 12, 2025 ~ SpotDraft, a leading contract lifecycle management (CLM) platform for in-house legal teams, has recently announced that it has raised $54 million in Series B funding. The funding round was led by Vertex Growth Singapore and Trident Partners, with participation from existing investors including Xeed VC, Arkam Ventures, Prosus Ventures, and Premji Invest.
Founded in 2017 by Shashank Bijapur and Madhav Bhagat, SpotDraft offers an AI-driven platform that helps legal teams manage all aspects of contracting. This includes features such as AI-assisted redlining, e-signatures, intelligent contract repository, third-party papers, clickwrap agreements and more.
According to Shashank Bijapur, CEO and co-founder of SpotDraft, the company is poised for significant growth in the coming years. "We believe 2025 will be an inflection point for team SpotDraft," he said. "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."
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The impact of SpotDraft's CLM platform on legal teams has been significant. Jonathan Franz, Head of Legal at Crunchbase, praised the tool for its ability to save time and improve workflows. "It is easy to implement and gives us the confidence we need to manage reviews, automate high-volume contracts, close deals faster and navigate diligence," he said.
In addition to its end-to-end CLM offering, SpotDraft is also focused on enhancing its product offerings with advanced AI functionality. The company has recently launched products like VerifAI and ClickThrough which have solidified its position as a preferred CLM partner for mid-market companies.
With over 250 employees across offices in Bengaluru and New York, SpotDraft is now looking to expand its leadership team in line with its growth strategy. The company's co-founders bring a wealth of experience to the table, with Shashank being an alumnus of Harvard Law School and Madhav an alumnus of Carnegie Mellon. They are joined by Rohith Salim, Chief Product Officer (CPO) and Madhav's batchmate at Carnegie Mellon, and Akshay Verma, Chief Operating Officer (COO) and legal industry veteran with experience at companies like Meta and Coinbase.
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This latest funding round comes just two years after SpotDraft raised $26 million in its Series A round in March 2023. In that time, the company has experienced explosive growth in both revenue and customer base.
James Lee, Managing Partner at Vertex Growth, sees great potential in SpotDraft's CLM solution. "We see potential in SpotDraft being the first in class CLM solution globally," he said. "SpotDraft's product vision and go-to-market strategy is anchored on a deep understanding of enterprise legal teams' painpoints and the unwavering commitment to delivering a world-class solution in enabling faster and more accurate contract processes. We're excited to join and support SpotDraft as they continue to leverage AI to transform the legal tech landscape."
To learn more about SpotDraft and its innovative CLM platform, visit www.SpotDraft.com.
Founded in 2017 by Shashank Bijapur and Madhav Bhagat, SpotDraft offers an AI-driven platform that helps legal teams manage all aspects of contracting. This includes features such as AI-assisted redlining, e-signatures, intelligent contract repository, third-party papers, clickwrap agreements and more.
According to Shashank Bijapur, CEO and co-founder of SpotDraft, the company is poised for significant growth in the coming years. "We believe 2025 will be an inflection point for team SpotDraft," he said. "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."
More on Nyenta.com
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The impact of SpotDraft's CLM platform on legal teams has been significant. Jonathan Franz, Head of Legal at Crunchbase, praised the tool for its ability to save time and improve workflows. "It is easy to implement and gives us the confidence we need to manage reviews, automate high-volume contracts, close deals faster and navigate diligence," he said.
In addition to its end-to-end CLM offering, SpotDraft is also focused on enhancing its product offerings with advanced AI functionality. The company has recently launched products like VerifAI and ClickThrough which have solidified its position as a preferred CLM partner for mid-market companies.
With over 250 employees across offices in Bengaluru and New York, SpotDraft is now looking to expand its leadership team in line with its growth strategy. The company's co-founders bring a wealth of experience to the table, with Shashank being an alumnus of Harvard Law School and Madhav an alumnus of Carnegie Mellon. They are joined by Rohith Salim, Chief Product Officer (CPO) and Madhav's batchmate at Carnegie Mellon, and Akshay Verma, Chief Operating Officer (COO) and legal industry veteran with experience at companies like Meta and Coinbase.
More on Nyenta.com
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This latest funding round comes just two years after SpotDraft raised $26 million in its Series A round in March 2023. In that time, the company has experienced explosive growth in both revenue and customer base.
James Lee, Managing Partner at Vertex Growth, sees great potential in SpotDraft's CLM solution. "We see potential in SpotDraft being the first in class CLM solution globally," he said. "SpotDraft's product vision and go-to-market strategy is anchored on a deep understanding of enterprise legal teams' painpoints and the unwavering commitment to delivering a world-class solution in enabling faster and more accurate contract processes. We're excited to join and support SpotDraft as they continue to leverage AI to transform the legal tech landscape."
To learn more about SpotDraft and its innovative CLM platform, visit www.SpotDraft.com.
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