Document Automation Company PandaDoc Raises $30 Million

By Dan Anderson ● August 6, 2020
  • PandaDoc — a leader in all-in-one document automation software — announced that it has raised $30 million

PandaDoc — a leader in all-in-one document automation software — announced that it has raised $30 million. With this funding round, PandaDoc will drive disruption in the eSignature market, while capturing additional market share in proposal and contract categories.

This round of funding was led by One Peak with participation from Microsoft’s Venture Fund (M12), Savano Capital Partners, Rembrandt Venture Partners, and EBRD Venture Capital Investment Programme. And entrepreneur, investor, and former RingCentral COO David Sipes also participated as an investor in this round and will join the PandaDoc Board of Directors.

In March, PandaDoc had launched a free electronic signature product to enable businesses to easily get deals done during the COVID-19 pandemic and address the urgent need for touchless transactions. And the market responded with tens of thousands of signups and product usage at twice the average rate.

Since releasing its free eSignature product, customers have rated PandaDoc as a top eSignature product. PandaDoc now has 20,000 paying customers and the company has accelerated its growth plans for the future.

KEY QUOTES:

“We have been impressed by PandaDoc’s strong growth trajectory, great product, and positive customer feedback. The team at PandaDoc built a highly differentiated, all-in-one document automation software solution and the market is reacting well. We look forward to supporting the company as it continues to expand into the eSignature space.”

— Humbert de Liedekerke, Managing Partner of One Peak

“PandaDoc has proven to be a critical remote workflow application for sales, marketing, and customer success. The customer response to the all-in-one approach PandaDoc is pioneering has provided a new path to create even more value.”

— PandaDoc Board Member David Sipes

“Today, it’s not enough to just offer eSignatures. The full value is found before, during, and after the signature with document workflows, insights, speed, and the end-user experience. The market doesn’t want a single-feature application. PandaDoc leads the market by focusing on an all-in-one solution that incorporates electronic signatures along with other essential document automation innovations, while continuing to always put our customers first.”

— Mikita Mikado, CEO and Co-Founder for PandaDoc