SimpliContract raises $3.5 million in funding led by Emergent Ventures

The investment was led by Emergent Ventures, with participation from Kalaari Capital, Picus Capital, Foster Ventures, Leslie Ventures and Sentinel Ventures, according to a release.

The funds will primarily be used to fuel SimpliContract’s growth and expansion in the US and European markets, with a focus on investing in sales and marketing.

The CLM startup assists legal, sales, finance, and procurement teams while also intending to create tailored solutions for various industries such as retail, IT and business services, by enhancing its AI and automation capabilities.

SimpliContract’s CLM platform, which is powered by NLP-enabled AI technology, currently serves enterprise customers including Bass Pro Shops, ATI Physical Therapy, NHS, Kent Police, Cyient, Flipkart Group, and Byju’s.

The platform caters to over 20,000 enterprise users across legal, sales, procurement, finance, and HR, the release added.

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Founded in 2020, SimpliContract has cumulatively raised $5.3 million, including the current round. The B2B enterprise SaaS startup had previously raised $1.8 million in seed funding in June 2021.Ankur Jain, founding partner of Emergent Ventures said, “we’re excited to lead this funding round and support SimpliContract’s mission to simplify the contracting lifecycle and establish powerful contract management practices using the power of AI,”.

Ravinder Singh, Partner at Kalaari Capital added, “Guru, Makesh, and Jinaraj form a highly capable, mature, and passionate founding team, with a deep understanding of customers and product building. We are privileged to have been an early backer in their journey and remain committed to helping them scale globally.”

Guru Venkatesan, co-founder & CEO of SimpliContract, highlighted the importance of CLM and LegalTech in today’s digital age. “With digitization and automation taking center stage, CLM is no longer a ‘good to have’ but a ‘must-have’ for enterprises. We’ve seen a considerable uptake for our CLM platform based on its maturity, versatility, and unique features compared to contemporaries in the market,” he said.