We are thrilled to announce our Pre-Series ‘A’ Funding of $3.5M

CEO's Corner

SimpliContract is proud to announce its Pre-Series 'A' funding of $3.5 million led by Emergent Ventures. This funding marks a significant milestone for our company as we continue to grow and expand our services to cater to the Contract Lifecycle Management needs of our customers across the globe.

The investment was led by Emergent Ventures, with participation from Kalaari Capital, Picus Capital, Foster VC, Leslie Ventures, and Sentinel VC.  

We would like to extend our heartfelt thanks to all our investors for their trust in our vision and commitment to our mission. This funding will enable us to enhance our product features and expand our market reach.    

Our end-to-end CLM platform has been designed to provide enterprises with a comprehensive solution for automating and digitizing contracts throughout their lifecycle, right from creation to renewal. Our innovative AI-led technology streamlines the contract management process, reducing risk and increasing efficiency.   

By automating the contract process, we help our customers refine their contracting journey, ensure better collaboration across business functions, and save time and resources. With a CLM platform, legal teams can be relieved from mundane activities and focus on core business objectives. 

Of course, this would not have been possible without our exemplary team at SimpliContract. We are very fortunate to have a high-performing team to take us where we are today and beyond.                   

We are also proud to have already established a strong customer base that includes major-league retail and tech enterprises. Our customers are the reason we exist, and we are honored to have earned their trust and loyalty.   

With the additional funding, our goal is to fuel SimpliContract's growth and expansion in the US and European markets, with a focus on investing in sales and marketing. We are also planning to develop industry-specific solutions and enhance our AI and automation capabilities for various verticals including Retail, IT, and Business Services.  

Why we exist? 

We founded SimpliContract in early 2020 – amidst the pandemic storm that hit the world. We come from diverse backgrounds in Sales, Solutions, and Engineering. Given my 26 glorious years of sales experience across companies like Microsoft and Amazon, I could author a book someday on the challenges that sales teams have in contracting a closed deal. On the other hand, my empathy goes out to the buyers who must toggle between their vendors, internal stakeholders, and compliance teams. Managing contracts was a daunting task then and even more so now – given the distributed teams and remote working teams.  

Why do you need a CLM? 

Fast-growing businesses need agility in contracts. Agility is also crucial while sourcing goods and services needed for support. More importantly, there must be substantial growth when it comes to tighter controls and compliance. Businesses must be wary of not exposing risks to organizations.    

Enterprises without a scalable CLM would have certainly experienced one or more of these: 

• Difficulties in locating contracts: You can only imagine internal teams having to go through multiple SharePoint sites, filing cabinets, desk drawers, or anywhere they could get a copy of the contract. When all else failed, you might have had to call the customer or supplier to get a copy of the contract for active spend  
  
• Expired contracts with active spend: You would painfully trace a contract to realize it was expired long back but with active spend 
• Time-consuming contract searches: You are buried into a whole bunch of contracts to locate one key term for your leader to sign a PO or a contract 
• Missed contract renewals or price adjustments: Your operations realize that the price uplift during renewal contractually or linked to CPI has never been applied at all  
• Lack of data to support workload: You realize you do not have factual data to support the workload of your team to propose for additional headcount for the legal team to support growing business needs  

SimpliContract is an end-to-end CLM platform that is simple to use, easy to deploy, and infinitely configurable for both buy-side and sell-side contracting. It has proven AI capabilities for data extraction and risk scoring for contracts against your playbook.

We have grown over 5x over the years and 3x in team size.  

Our platform caters to more than 20k users across 3 continents with a TCV of $30B under management.  

What does the future hold for the CLM domain? 

Analysts predict CLM to be the fastest-growing business application with a CAGR of >13%. Given the global economy and customers looking for a reduction in spending across categories and minimizing revenue leakage from existing contracts, SimpliContract is uniquely placed to help them achieve all of these and more with a lower TCO to subscribe and implement our end-to-end CLM platform.    

We hear from enterprise customers there are limited CLM options in front of them. We are a new-age, enterprise-grade CLM player with end-to-end capabilities, and native integration with ERPs, CRMs, and e-sign platforms.   

Our flexible SaaS model allows our customers to either sign-up for the end-to-end platform across the entire contract lifecycle or just deploy modules for specific stages.   

We thank all our customers who have been working closely with us and connecting us to their network.  

Thanking the team that has built and delivered our amazing product to customers!  

Thank you Emergent, Picus, Kalaari, and all others involved. We are on a journey to be a leader in this category and are excited about the opportunities that lie ahead.   

Onwards and upwards!

Guru Venkatesan 

Co-founder & CEO 

SimpliContract