- Leading smart contracting technology company Clause announced it raised $5.5 million in Series A funding recently
Clause — a leading provider of smart contracting technology — recently announced it raised $5.5 million in a Series A round of funding. This round of funding will be used for accelerating Clause’s business development efforts, further augmenting its engineering teams, and nurturing the broader smart contract ecosystem.
The Series A round of funding was led by Galaxy Digital. And DocuSign made a strategic investment in the company along with participation from existing investors BN Capital at Lerer Hippeau and London-based Seedcamp.
Several new investors that were added to the funding round include Raptor Group, Galaxy Digital’s EOS VC Fund backed by Block.one, Nat Turner and Zach Weinberg (co-founders of Flatiron Health), Tom Gonser (founder of DocuSign), and Jonathan Summers (co-founder of Everett Capital Advisors).
“Documents no longer need to be merely static records of agreement but can now be a truly integrated part of enterprise technology stacks. Contracts and other documents can now be APIs,” said Clause CEO and founder Peter Hunn. “With this round we add a wealth of collective experience in disrupting enterprise contracts through digitization. We are excited to drive the next phase of market adoption.”
In conjunction with the Series A round, two new executives are joining the Clause board of directors. The new board members include Mike Dinsdale (CFO of Gusto) and Greg Wasserman (co-head of Principal Investments at Galaxy Digital).
“Major enterprises sign millions of documents per year across many different business units. It’s extremely difficult for companies to monitor and manage all of the terms within those documents,” added Wasserman. “Connecting contracts with data to automate actions and alerts is an obvious next phase in the evolution of document digitization. I’m convinced that smart clauses will become a default standard for document management in the future and am excited to partner with Clause.”
Clause is aiming to leverage their smart contract technology to unite and automate many of these often-disparate processes ultimately reducing complexity in transaction workflows and contract management.
“DocuSign’s investment in Clause reflects the impact that smart clauses can have on simplifying and accelerating the overall agreement process,” explained DocuSign COO Scott Olrich. “Earlier this year, we announced the DocuSign Agreement Cloud—a suite of products and integrations for digitally transforming how organizations prepare, sign, act on, and manage agreements. At its core, this helps companies to automate and connect their entire agreement process. The technology being pioneered by Clause is one of the fundamental drivers here, and we’re looking forward to partnering with them for the future.”