By Jerry Ting, Evisort Co-Founder and CEO
I’m thrilled to share that Evisort has closed $35M in Series B funding, led by General Atlantic.
Over the last couple of months, we’ve been able to meet the broader team at GA, and I couldn’t imagine a better partner as we scale our business to new heights. In particular, I’m excited to welcome Gary Reiner, former CIO of GE, as a Board Director and Alex Crisses, Managing Director and Co-Head of Emerging Growth, as a Board Observer.
It’s a privilege, too, to have the continued support of existing investors Amity Ventures, Vertex Ventures, and Microsoft’s venture fund M12, who all participated in this round.
In reflecting on our last year leading up to our Series B, a few milestones come to mind. We’ve quadrupled revenues, signed seven new Fortune 500 customers, and launched a no-code pre-signature workflow solution to add to our end-to-end contracting platform.
We could not have accomplished these milestones without the trust and support of our clients, partners, and employees who share in our vision that modern contracting should be an accelerant, not a bottleneck, for businesses.
I’m particularly proud that through COVID-19, we’ve been able to build out our team across the country by adding dozens of jobs and haven’t experienced any budget-related layoffs. The talent of the team members joining us from leading organizations and the collaborative, high-energy culture we’ve built inspires me every day.
Looking forward to this year, we will expand the platform to include more advanced workflows, grow our customer success team into a full digital transformation partner for our clients, and launch new AI features that make it even easier for front-line business users to both negotiate and manage their contracts post-signing. With our new Series B funding, we’re excited to invest in our product’s advanced capabilities and go further with great clients like Microsoft, NetApp, Molina Healthcare, and Fujitsu.
As a former lawyer, I was excited to create a product to automate the more tedious components of reviewing and managing contracts. But soon after launching Evisort, we began to see that contract automation had a much bigger impact beyond freeing up time in a lawyer’s day.
It turns out that streamlining contracting actually helps enterprises win more deals more quickly and reduce costs across their entire organization.
Once customers experience this kind of exponential ROI, they quickly look to roll out Evisort across the entire business as part of a holistic digital transformation initiative. In fact, we’ve already guided dozens of companies through a strategic, multidisciplinary program to evolve their digital contracting practice.
When enterprises digitize contracts, they convert the data stored within those business relationships into insights all kinds of teams — legal, procurement, sales, finance, and HR — can act on. My clients and colleagues in corporate legal departments have become change agents who benefit their entire organization, influencing how they sell, buy, hire, and partner.
It’s rewarding to see clients choosing Evisort to drive critical business processes. We pre-trained our AI on 10M+ business documents so it could read any type of contract. Out-of-the-box, it flags key areas of business intelligence, such as unfulfilled rebates, non-compliant clauses, or more favorable terms. Global customers like Keller Williams use these insights to uncover millions of dollars in potential cost savings.
That’s what I see as our bigger impact. Evisort can drive business forward as both a system of record and of engagement, helping companies as a deal desk and as a source of truth.
We know Evisort is positioned to serve as the contracting system of record for all organizations. It’s a huge opportunity and one we don’t take lightly.
To our team members, investors, and customers, thank you for being on this journey with Evisort. We can’t wait for what’s next!