PactSafe, a cloud-based contracting platform, today announces completion of a $5.5 million Series A funding round. The round was co-led by Mercury Fund and Signal Peak Ventures, along with repeat investors Elevate Ventures and Vulpes Testudo.
Since its launch in 2015, PactSafe has made contracts a seamless part of doing business for thousands of companies with a transformative approach that goes beyond traditional e-signatures. Customers process millions of high velocity legal agreements daily with PactSafe’s modern workflow and innovative signing methods, which include click-to-accept and text-to-sign.
“The problem most businesses face when improving contract workflows - going "all-in" on just e-signatures rarely moves the needle,” said Brian Powers, CEO and Founder of PactSafe. “With this investment, we will continue our history of creating solutions that drive efficiencies and save our customers enormous amounts of time. Since PactSafe’s inception, we’ve processed millions of legal events, allowing our customer to save 1.8 million work hours by using our platform. Our goal is to give companies time and peace of mind back.”
PactSafe will use the funds to expand its reach further into enterprise SaaS, ecommerce markets and other verticals. The product team will focus on continued development of its high-velocity contracting solution. Currently, the platform provides customers the ability to populate information from any system directly into a contract and track contracts in real-time via an easy to execute, mobile-responsive experience. PactSafe will also continue enhancing its industry-first click-through workflow API, which is used by businesses like TiVo, Upwork, and Angie’s List to power millions of self-service online contracts every day.
“We are very pleased to be joining a strong syndicate with our investment into PactSafe,” said Ron Heinz, managing partner at Signal Peak Ventures. “Upon initial review, we were easily attracted by the company’s technology, management team and the broad problem PactSafe is solving in the marketplace. We look forward to supporting the company’s growth and are very excited for its bright future.”
“We look for companies that solve very difficult problems,” said Adrian Fortino, managing director at Mercury Fund. “PactSafe is providing an unparalleled solution to the complexity and inefficiencies of online contract workflows. We are excited to be on board and be a part of PactSafe’s success.”
In addition to PactSafe’s click-to-sign technology, users are also reaping benefits from the solution’s workflow features. These features help reduce internal hiccups by creating contract and signing workflows that are seamless compared to other business processes. Whether it’s signing an NDA with a text message reply or integrating a sales contract signature into your company’s mobile app, PactSafe can ensure that all contracts are safe, secure and documented.
“When CDW was first introduced to PactSafe, we solely relied on the solution’s contract execution capabilities for our legal team,” said Sean Brown, enterprise architect at CDW. “Based on our initial experience with the contract execution solution, we searched for ways to apply PactSafe’s solutions across the business. The growth of PactSafe will continue our success by giving our employee’s time back to apply in other areas of our company.”
This announcement follows PactSafe’s $2.5 million seed round in November of 2015. For more information on PactSafe or a demo, visit pactsafe.com.
ABOUT PACTSAFE, INC.
PactSafe is an Indianapolis-based API-first software company that specializes in getting contracts signed electronically at high velocity and massive scale. PactSafe’s modern signing methods are saving businesses time and money and its instant legal records are increasing peace of mind. Through PactSafe’s solutions, customers like Angie’s List, CDW and TiVo protect their legal and business records, and save employees time through high-velocity contracting.
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