This B2B SaaS startup raises second round of funding, VCs like Kalaari Capital participated

Bengaluru-based AI-powered SaaS player in the enterprise contract lifecycle management (CLM) market SimpliContract has raised its pre-Series A round of funding from a number of investors, the company's spokesperson told Zee Business.

SimpliContract which also has an office in the US has raised $3.5 million led by Emergent Ventures. Investors like Kalaari Capital, Picus Capital, Foster Ventures, Leslie Ventures, and Sentinel Ventures also participated in the round.

"SimpliContract's CLM platform is a game-changer for enterprises across industries and we have been delighted to witness the pace at which the company has grown over the last two years to serve notable enterprise brands. Guru, Makesh, and Jinaraj form a highly capable, mature, and passionate founding team, with a deep understanding of customers and product building. We are privileged to have been an early backer in their journey and remain committed to helping them scale globally," said Ravinder Singh, partner at Kalaari Capital.

SimpliContract plans to use the funds for its growth and further expansion in the US and European markets, with a focus on investing in sales and marketing.

This is the company's second round of funding. Earlier in June 2021, it had raised $1.8 million in a seed round.

"We're excited to lead this funding round and support SimpliContract's mission to simplify the contracting lifecycle and establish powerful contract management practices using the power of AI," said Ankur Jain, founding partner of Emergent Ventures.

Founded in 2020, SimpliContract helps in-house legal, sales, finance, and procurement teams simplify the process across the contract lifecycle and enable real-time collaboration for internal and external stakeholders. The company currently serves marquee enterprise customers like Bass Pro Shops, ATI Physical Therapy, NHS, Kent Police, Cyient, Flipkart Group, and Byjus. It claims to cater to more than 20,000 enterprise users across segments with a total contract value of $30 billion under management.

"With digitisation and automation taking center stage, CLM is no longer a 'good to have' but a 'must-have' for enterprises. We've seen a considerable uptake for our CLM platform basis its maturity, versatility, and unique features compared to contemporaries in the market," said Guru Venkatesan, co-founder & CEO of SimpliContract, highlighting the importance of CLM and LegalTech in today's digital age.

In this space, anothe SaaS based startup Stylework received $2 million in its Series A1 round from investors like QI Ventures, We Founder Circle, and others on Monday, 10 April.