- Digital contracting platform company Ironclad announced it closed $50 million in Series C funding led by Y Combinator Continuity
Ironclad — a digital contracting platform used by modern legal teams — announced that it closed a $50 million Series C funding round led by Y Combinator Continuity with participation from Emergence Capital. And returning investors including Accel and Sequoia Capital also participated in the round.
With this funding round, Ironclad is expanding into new geographies and doubling down on contracting solutions for its growing community of general counsels, legal operations and their teams.
“This round and our continued momentum highlights how big the opportunity is to streamline contracting for every type of company in the world,” said Jason Boehmig, the co-founder and CEO of Ironclad. “Our newest investors bring a depth of later stage company experience and a vision for what Cloud companies will look like in the future. Our new funding will fuel continued product innovations, like our new Workflow Designer, which is accelerating contracting time by 85% for our customers.”
Ironclad’s Workflow Designer is considered the only contracting solution that lets customers bake complex business processes into their contracts without having to rely on outside or engineering help. Workflow Designer gives customers the power to build and iterate on workflows immediately as it is often deployed in a matter of minutes. And customers have unprecedented autonomy over their business processes and implementation timelines.
Since the last round of funding, Ironclad has more than doubled its customer base to include some of the most dynamic companies in the U.S. like FitBit, The Texas Rangers, Procore, Dropbox, and Away. And Ironclad’s revenue increased by 300% and employee count by 170%. Of its employee base, Ironclad’s staff is 75% women and minorities.
“We were excited to be a part of this wave of collaboration software,” added Ali Rowghani, CEO of Y Combinator Continuity. “The contracting process poses a massive challenge for all companies, and Ironclad is the first solution to enable teams to meet that challenge. We’ve known the Ironclad team since the Summer 2015 YC batch and continued to be impressed by the company’s growth, innovation and executive focus.”
Ironclad is on a mission to power the world’s contracts and the company is helping transform legal teams from cost centers to revenue enablers. Gartner’s research revealed that in-house legal teams are being asked to do 90% more work with only 3% more resources. And automating the fragmented and manual contract process is more than a $60 billion dollar market opportunity.
“There has been very little innovation at the crossroads of legal and technology relative to the scope of the opportunity because the problems are complex and require expertise across different domains,” said Jake Saper, a Partner at Emergence Capital. “What’s remarkable about Ironclad is the deep level of expertise at the executive level across both the legal and tech sectors. Ironclad’s leaders are committed to building a company that will change the role in-house legal teams play within modern businesses, helping them become more strategic.”
