Document Crunch Takes Additional Strategic Investment to Fuel Growth and Expand its Offering to Include Key Data Benchmarking Partnerships

ATLANTA, Oct. 11, 2022 /PRNewswire/ - Document Crunch, an Atlanta based contract intelligence platform that simplifies construction contracts, today announced that it has taken on an additional $2 million in capital from Ironspring Ventures, a sector-focused venture capital fund investing in digital industrial innovation. This capital is being used to further accelerate the company's rapid trajectory, which includes two new partnerships with AXA XL and ELECTRI International to provide Data Analytics and Benchmarking to the construction industry.

"Our expansion into Data Analytics and Benchmarking, which has implications on everything from insurance underwriting to the standardization of contracts, is the logical next step for our company" Josh Levy, CEO of Document Crunch said. "We will make contracting more transparent and accessible for the entire industry."

The company has now raised approximately $8 million in the last 24 months, including its $4.6 million Seed Round led by Zacua Ventures (with participation from FifthWall, Argonautic Ventures, the GTM Fund, among others) this past spring. This investment has helped fuel exceptional growth over the past 12 months, including record sales and expansion of its team from 3 employees to 23.

"As an investor, there are times when your eyes light up and you just know you've found something special," said Vivin Hegde, GP & Founding Partner of Zacua Ventures. "The progress the team has shown in 2022 is just phenomenal, from onboarding its key management team, to launching the new platform and supercharging sales!"

As part of this progress, in early 2022, Document Crunch entered pilots with ELECTRI and AXA XL to benchmark constituents' historical contracts. The feedback from these early pilots was compelling which led to the creation of formal partnerships:

"Document Crunch has consistently been one of our most requested techs…for both its core functionality and the valuable insights developed from the aggregated data it collects" Rose Hall, Vice President, Head of Construction Innovation and Co-Founder at AXA XL Construction Ecosystem said. "We are proud to partner with Document Crunch on our new collaborative service."

"Document Crunch provides us with the analytics we need to assess fair contract language" Josh Bone, Executive Director of ELECTRI International said. "ELECTRI is excited to partner with Document Crunch to deliver transformative research that helps move the construction industry forward." 

As the market demand around data analytics became more apparent, Levy realized more horsepower was needed in order to expand. He found a willing partner in Ironspring who has been tracking Document Crunch since its earliest days:

"Josh is a natural leader with infectious energy" Adam Bridgman, Co-Founder & General Partner of Ironspring Ventures said. "He's translated incredible domain expertise in construction law into a big tech vision, energizing top talent, and inspiring leading investors and influential industry partners to hop on board. He and the Document Crunch team continue to methodically execute ahead of plan in building the de facto nextgen risk management platform for construction."

Document Crunch is a contract intelligence platform that simplifies construction contracts by quickly identifying critical risk provisions and provides teams with guidance to make great decisions throughout the entire project lifecycle. Document Crunch has been one of the hottest startups in this space over the last year, winning several awards including the CEMEX Ventures Construction Startup Competition hosted at BuiltWorlds' Venture East Conference in Miami in 2021. The company is on a mission to empower everyone in the construction industry to understand what's in their contracts. More at documentcrunch.com

Ironspring Ventures is an early stage venture capital fund investing in digital industrial supply chain innovation. The fund's sector-focused approach partners with world-class founders and teams who are revolutionizing the way we design, build, distribute and operate in the physical world. More at ironspring.com

Zacua ventures is an early-stage VC focused on investments in the Built Environment at a global scale. We partner with top-tier corporates in this space across every aspect of the value chain and enable our portfolio companies to connect with them seamlessly. We drive value and accelerate growth for our partners and entrepreneurs through access to innovative technologies, strategic insights into emerging trends and unrivaled scalability through our network of industry leaders. More at zacuaventures.com

AXA XL, the P&C and specialty risk division of AXA, is known for solving complex risks. For mid-sized companies, multinationals and even some inspirational individuals we don't just provide re/insurance, we reinvent it. How? By combining a strong and efficient capital platform, data-driven insights, leading technology, and the best talent in an agile and inclusive workspace, empowered to deliver top client service across all our lines of business − property, casualty, professional, financial lines and specialty. With an innovative and flexible approach to risk solutions, we partner with those who move the world forward. More at axaxl.com

The Foundation for Electrical Construction was established in 1989 by the National Electrical Contractors Association (NECA), the voice of the $160 billion electrical construction industry responsible for lighting, power, communication and low-voltage, energy efficient and sustainable systems in buildings and communities across the United States. ELECTRI International works to help electrical contractors meet today's demands and tomorrow's challenges by funding, conducting, coordinating and transforming research results into meaningful, useful educational and consulting programs and practical publications. On the international scene, the Foundation conducts seminars, briefings and studies on cross-border relationships to encourage business and cultural exchanges among contractors. More at electi.org

For more information and to schedule an interview with Document Crunch CEO, Josh Levy, please contact Katie Zeppieri at: [email protected].

SOURCE Document Crunch