Concord raises $25 million for its contract management platform | Tech Industry
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Concord is raising a new $25 million funding round led by Tenaya Capital, with existing investors CRV and Alven also participating. The company is building a platform that makes it easier to manage your contracts all the way from writing them to signing them.
Even if you used a service like DocuSign to sign a contract in the past, chances are you or the sender used Microsoft Word to write the contract. It's fine if you're the only one working on this contract. But it can quickly become a mess as your legal team gets larger.
“It's ultimately bringing a B2C experience to a really complex B2B experience,” VP of Marketing Travis Bickham told me.
And one of the company's main challenge has been to make it convenient for all teams in your organization. If you work in human resources, you're dealing with HR contracts. If you're an office manager, you may need to sign a contract to order a new fridge. If you're on the sales team, you want to make sure your client signs a contract. The procurement team also wants some sort of legal proof from its partners. And the list goes on.
Concord lets you create templates and workflows. For instance, the most basic contracts don't require the same attention to details. A non-disclosure agreement is pretty standard. You just have to replace some fields and make the person sign it.
You can create an approval process for more complicated contracts. For instance, you can say that the legal team has to approve any sales contract above $100,000.
Concord has also built integrations with third-party tools. For instance, you can generate a contract in Salesforce using Concord's integration.
There are currently 80 people working for Concord in San Francisco and Paris. With today's funding round, the company plans to hire more people, get more clients, target bigger companies, etc. Concord currently works with 200,000 companies.