AI-powered doc processing platform PandaDoc immediately raised over $15 million in extra funding, bringing its sequence B spherical to $30 million. The firm says the capital will bolster its go-to-market efforts because it doubles down on product analysis and improvement.
Companies spend a median of $20 to file and retailer a single doc, by some estimates, and solely 18% of corporations think about themselves paperless. An IDC report revealed that document-related challenges account for a 21.3% productiveness loss, and U.S. corporations waste a collective $eight billion yearly managing paperwork.
PandaDoc automates the method of making, approving, and electronically signing proposals, quotes, and contracts. Its over 20,000 purchasers embrace Drift, Hilton, Konica Minolta, Tata Steel, Bonusly, TomTom, and SGS. PandaDoc claims its instruments lower time-to-close by 30% and doc creation by 65% and double the variety of offers closed monthly.
PandaDoc attributes current buyer progress to pandemic-related transitions to distant work. Since March, it has added greater than 50,000 customers to its free digital signature resolution that helps a vast variety of paperwork and prospects.
From a single portal, groups can create gross sales paperwork with interactive quotes and gather signatures with automated signing flows for desktop and cellular. The firm’s resolution permits inner and exterior critiques with approval flows, redlining, model monitoring, commenting, and proposal creation with over 450 customizable templates.
With PandaDoc, customers can tailor paperwork by pulling in consumer and deal knowledge, authorized clauses, and advertising and marketing collateral from content material libraries and buyer relationship administration software program. Users can view paperwork and flip on reminders to observe up on duties like approvals, signings, and fee requests robotically. They may also add parts resembling pricing, movies, GIFs, hyperlinks, and feedback to these paperwork and decide to obtain e-mail and cellular alerts that point out when the docs are opened, downloaded, or signed.
PandaDoc prospects see engagement and utilization particulars tracked in actual time and may add pricing tables to contracts that permit the undersigned to pick from choices, change portions, or chat immediately. Thanks to Zapier and API integrations, customers may also join funds to accounting software program to expedite invoicing. Customers can signal and pay with out leaving a quote, proposal, or contract.
The sequence B extension was led by new traders OnePeak Capital and Savano Capital, with participation from earlier backers M12 (previously Microsoft Ventures), EBRD Ventures, and particular person investor David Sipes, previously the COO of Ring Central. Following the spherical, Sipes will be a part of PandaDoc’s board of administrators.