Contractify, the user-friendly contract management platform has successfully raised €1.3 million, despite the challenging environment that many European startups are facing.
Founded at the end of 2015 by Steven Debrauwere and Herlinde De Buck, experts in the contract management sector, Contractify started off by offering advice to SMEs and organisations on how to set up their contract management process. It soon became obvious that there was a need for a platform that could centralise and automate contract management.
Companies can have dozens (even hundreds) of contracts with different suppliers and partners. Covering insurance, vehicle leasing, purchasing, sales and marketing, employment and more. These contracts can be agreed by different people or departments, with copies of contracts stored on individual devices or on different servers. This presents a huge headache for companies; it takes time to find contracts (time that could be spent on more urgent business tasks), on average 70% of contracts are automatically renewed without review and contracts can be lost or misplaced when people leave the company.
Contractify centralises, documents and monitors contracts. Ensuring the right person is notified when a contract needs attention - like when it’s due to expire. Based in Belgium and with a diverse client base measuring around 60 companies, including brands like Land Rover, Meat & More and Manpower, Contractify looks to grow from a team of 6 to 17 by the end of 2021.
The money secured from the funding round will be used to boost growth and internationalisation. Law firms and accountants are an area of interest, as these organisations can offer ‘Contract Management as a Service’ to their clients. Contractify will also focus on automating the platform and improving the end-user experience.
Securing funding of this size is an outstanding achievement, given the difficult funding environment that Covid-19 has created. In general, with some investors deciding to halt or cut-back their investments, securing over €1 million in funding is really incredible. And positive news for other startups who are looking to secure funding.
Contractify first started looking for investors in February but three weeks later the full force of Covid-19 struck, and some potential investors pulled out. However, those who know and who have experience with SaaS, saw the potential in the platform and continued with their investment plans. Contractify also turned to experienced backers like Pitchdrive, Lorenz Bogaert, Anthony Brenninkmeijer, Wim Derkinderen, Bothr Ventures, Anthony De Clerck, Davy De Vlieger and Philippe Derkinderen.
“We were very happy to include Pitchdrive and some of its networks as investors, primarily because of their experience and support in tackling the challenges ahead. The fact that the whole process was ultra-smooth was a welcome bonus.” - Contractify
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