Ironclad Raises $100 Million Series D Funding Round to Scale the New Standard for Business Contracts
Led by BOND, the financing will be used to make digital contracting the standard for all business contracting
SAN FRANCISCO, Jan. 14, 2021 /PRNewswire/ -- Ironclad, the #1 contract lifecycle management for innovative companies, today announced it has raised $100 million in Series D financing, bringing total investment to $183 million. Led by BOND, this round also includes new investor Lux Capital, known for pushing the frontiers of business innovation. Previous investors including Accel, Sequoia Capital, Y Combinator Continuity, and Emergence Capital also participated. The financing will be used to drive product innovation, scale go-to-market functions, and roll out a new standard for business contracting.
BOND general partners Mary Meeker and Mood Rowghani will be joining Ironclad as board observers. "Not only is Ironclad's vision well-honed; they have the talent and expertise to execute it," said Mr. Rowghani. "We believe the company will continue to innovate and lead in digital business contracting."
Founded in 2014, Ironclad digitizes contracts and related processes, transforming contracts from static documents into the operational data layer of the modern business. "Our goal isn't just to build incrementally better workflows or better management, but to build the digital contracting standard that will usher in the businesses of tomorrow," said Jason Boehmig, CEO and co-founder of Ironclad.
Lux Capital, one of Ironclad's new investors, typically invests in cutting-edge innovation in markets like space, artificial intelligence, and drug discovery. "Transformation that unlocks incredible value isn't limited to moonshot ideas," said Bilal Zuberi, Partner at Lux Capital. "What is amazing to us is that Ironclad touches every single industry, creating the rare opportunity to transform vast swaths of the GDP."
The #1 CLM for Innovative Companies
Companies leading innovation in their industries, from L'Oréal and Mastercard to Dropbox and Asana, have adopted Ironclad to stay resilient, agile, and data-driven. "If we didn't have Ironclad's tools, trackers, and workflows, we wouldn't have seen such capacity freeing up for our lawyers and our business," said Anushree Bagrodia, Senior Managing Counsel and Legal Transformation Lead at Mastercard.
Contracts provide critical shock absorption to businesses buffeted by today's constantly changing world events. After COVID-19, for example, customers used Ironclad to pivot and adapt to remote collaboration. Healthcare companies at the heart of the pandemic created first-of-its-kind agreements that allow remote doctor visits, while construction and transportation companies spun up essential worker designation contracts in response to new regulations.
Unlike existing contract lifecycle management solutions that are geared towards specific use cases, Ironclad is the only CLM solution flexible enough to handle all types of business contracts, whether for sales, procurement, marketing or HR. Ironclad also puts self-service and ease-of-use for end users at its forefront, so that any team member, whether a new salesperson or a seasoned legal operations manager, can streamline their contracts while guaranteeing compliance and unlocking intelligence.
"Digital contracting is about building resilient teams and businesses who can weather turbulence and deliver tangible value to the world," said Boehmig. Ironclad will continue its mission with partners who are the best of their industries, like Google Cloud AI.
Ironclad shares the latest technologies in business contracting at its quarterly State of Digital Contracting (SDC) summit, the only event that brings together the leading minds at the intersection of technology and business to prepare professionals for the evolving state of business contracting. The largest summit of the year is happening in March—to reserve your spot, visit here.
About Ironclad
Ironclad is the #1 contract lifecycle management platform for innovative companies. L'Oréal, Staples, Mastercard, and other leading innovators use Ironclad to collaborate and negotiate on contracts, accelerate contracting while maintaining compliance, and turn contracts into critical carriers of operational business intelligence. It's the only platform flexible enough to handle every type of contract workflow, whether a sales agreement, an HR agreement or a complex NDA. The company was named one of the 20 Rising Stars on the Forbes 2019 Cloud 100 list, and is backed by leading investors like Accel, Sequoia, Y Combinator, and BOND. For more information, visit www.ironcladapp.com or follow us on LinkedIn and Twitter.
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SOURCE Ironclad Inc.
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