SpotDraft’s Series B funding round, spearheaded by Vertex Ventures and Trident Partners, will accelerate the company’s global expansion and drive the advancement of its AI-powered product innovation.
SpotDraft, the CLM platform that helps in-house legal teams manage their contract ecosystems, has raised $54 million in Series B funding. Vertex Growth Singapore and Trident Partners were the lead investors, the existing investors (Xeed VC, Arkam Ventures, Prosus Ventures, and Premji Invest) have also participated in this round.
SpotDraft is an AI-driven contract lifecycle management (CLM) platform built for in-house legal teams. The tool manages all aspects of contracting, including AI-assisted redlining, e-signatures, intelligent contract repository, third-party papers, clickwrap agreements and more.
“We believe 2025 will be an inflection point for team SpotDraft,” said Shashank Bijapur, CEO of SpotDraft. “Apart from market expansion and talent growth, we’re strongly committed to deepening the use of AI in the product to help legal teams unlock efficiencies and drive innovation.”
SpotDraft’s CLM platform has made a huge impact on our legal team’s time, workflows, and efficiencies, said Jonathan Franz, Head of Legal, Crunchbase. “It is easy to implement and gives us the confidence we need to manage reviews, automate high-volume contracts, close deals faster and navigate diligence.”
Over and above its end-to-end CLM offering, the team is sharpening its focus on product enhancements and AI functionality. SpotDraft has launched products like VerifAI and ClickThrough which are consolidating SpotDraft’s positioning as the preferred CLM partner for mid-market companies. With over 250 employees across its offices in Bengaluru and New York, SpotDraft is looking to further acquire key leadership talent in alignment with its growth strategy.
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Shashank Bijapur, an alumnus of Harvard Law School and Madhav Bhagat, alumnus of Carnegie Mellon co-founded the company in 2017. Prior to this, Shashank practiced law in New York and Madhav was with Google. Augmenting the leadership team, Rohith Salim, Madhav’s batchmate at Carnegie Mellon joined as Chief Product Officer (CPO), and most recently, Akshay Verma, legal industry veteran, ex-Meta and Coinbase came onboard as Chief Operating Officer (COO).
SpotDraft raised $26M in its Series A round of funding in March 2023. In the last two years, the company has seen explosive growth in its revenue and customer base.
“We see potential in SpotDraft being the first in class CLM solution globally,” said James Lee, Managing Partner, Vertex Growth. “SpotDraft’s product vision and go-to-market strategy is anchored on a deep understanding of enterprise legal teams’ painpoints and the unwavering commitment to delivering a world-class solution in enabling faster and more accurate contract processes. We’re excited to join and support SpotDraft as they continue to leverage AI to transform the legal tech landscape.”
Source: PRNewswire
