SpotDraft, a CLM platform that helps in-house legal teams manage their contract ecosystems, announced it has raised $54 million in Series B funding. Vertex Growth Singapore and Trident Partners were the lead investors, and the existing investors (Xeed VC, Arkam Ventures, Prosus Ventures, and Premji Invest) also participated in this round.
SpotDraft’s tool manages all aspects of contracting, including AI-assisted redlining, e-signatures, intelligent contract repositories, third-party papers, clickwrap agreements, and more. And over and above its end-to-end CLM offering, the team is sharpening its focus on product enhancements and AI functionality. SpotDraft has launched products like VerifAI and ClickThrough, consolidating SpotDraft’s positioning as the preferred CLM partner for mid-market companies. With over 250 employees across its offices in Bengaluru and New York, SpotDraft is looking to acquire further key leadership talent in alignment with its growth strategy.
Shashank Bijapur (an alumnus of Harvard Law School) and Madhav Bhagat (an alumnus of Carnegie Mellon) co-founded the company in 2017. Before this, Shashank practiced law in New York and Madhav was with Google. Augmenting the leadership team, Rohith Salim (Madhav’s batchmate at Carnegie Mellon) joined as Chief Product Officer (CPO). And most recently, Akshay Verma, a legal industry veteran, ex-Meta, and Coinbase, came on board as Chief Operating Officer (COO).
SpotDraft raised $26 million in its Series A round of funding in March 2023. And in the last two years, the company has seen explosive growth in its revenue and customer base.
KEY QUOTES:
“We believe 2025 will be an inflection point for team SpotDraft. Apart from market expansion and talent growth, we’re strongly committed to deepening the use of AI in the product to help legal teams unlock efficiencies and drive innovation.”
- Shashank Bijapur, CEO of SpotDraft
“SpotDraft’s CLM platform has made a huge impact on our legal team’s time, workflows, and efficiencies. It is easy to implement and gives us the confidence we need to manage reviews, automate high-volume contracts, close deals faster and navigate diligence.”
- Jonathan Franz, Head of Legal, Crunchbase
“We see potential in SpotDraft being the first in class CLM solution globally. SpotDraft’s product vision and go-to-market strategy is anchored on a deep understanding of enterprise legal teams’ painpoints and the unwavering commitment to delivering a world-class solution in enabling faster and more accurate contract processes. We’re excited to join and support SpotDraft as they continue to leverage AI to transform the legal tech landscape.”
- James Lee, Managing Partner, Vertex Growth
