SAN FRANCISCO — Concord, which operates a contract management platform for businesses, has closed $25 million in Series B funding. This latest round of funding will be used to accelerate development of the Concord platform, increase headcount across engineering, sales, HR & marketing teams, and advance international expansion. The round was led by new investor, Tenaya Capital, with participation from previous investors CRV and Alven.
Tenaya Capital partner, Paul Drews, will join the Concord board.
“The contract management category is ripe for digital transformation by a software company, and we believe Concord is perfectly positioned to lead that charge,” said Paul Drews, partner, Tenaya Capital. “With 95% of contracts managed manually, organizations struggle with the ensuing business inefficiencies and vulnerabilities. Matt Lhoumeau and his leadership team have already steered the company into a leadership position in the contract management market. We are excited to partner with Concord as it scales and builds a global, category-defining company in this multi-billion dollar market.”
The new funding round follows Concord’s sequence of recent fiscal and platform adoption milestones. In August of this year, Concord announced 300% year-over-year revenue growth and the doubling of its enterprise customer base with new customers including Kickstarter, Newell Brands, Barracuda Networks, Bitdefender, thetrainline.com, Rent the Runway, Sizzling Platter and Spark NZ (New Zealand). The company also announced that 180,000 companies had joined the Concord platform.
“The expertise and success Tenaya Capital has with SaaS and PaaS companies at our stage is exceptional. This will be an invaluable partnership as Concord scales across markets and geographies,” said Matt Lhoumeau, CEO and co-founder of Concord. “Concord is delivering on our vision to make sure no one has to manage contracts manually, ever. The incredible growth in our customer base is evidence of this.”
The Concord platform is a single, collaborative and intelligent environment where contracts are managed as a key business process throughout their lifecycle. It drives collaboration across an organization’s legal, finance, procurement and sales teams, as well as third-parties such as customers and suppliers. With all parties and documents in a central digital location, the traditional fragmentation, friction and visibility issues surrounding contract creation, negotiation and renewals are eliminated. The business benefits are far reaching and include increased efficiency, productivity & infinite scale, compliance, improved financial visibility and accelerated time-to-revenue from the sales pipeline. No other contract or document management system can do this natively all on one platform.