Icertis, an enterprise contract lifecycle manager, has raised $80 million (around Rs 580 crore) in a Series F round, a move that has taken its valuation to $2.8 billion.
The round in the United States and India-based company was led by existing investor B Capital Group, whose founders include Facebook co-founder Eduardo Saverin.
Other participants include Greycroft, Meritech Capital Partners, PremjiInvest, PSP Growth, and e.ventures. As part of this infusion, PSP Partners founder Penny Pritzker and Twilio Inc. general counsel Karyn Smith will join Icertis as independent directors.
This funding comes after Icertis raised $115 million (around Rs 791.6 crore) in a Series E round in July 2019. That exercise, led by PremjiInvest and US-based Greycroft Partners, propelled the firm into the unicorn club of startups with a valuation of at least $1 billion.
Founded in 2009 by Samir Bodas and Monish Darda, Icertis provides enterprise contract management software in the cloud. Its products and services focus on several departments including corporate, finance, and legal.
Some of the industries Icertis concentrates on include energy and utilities, financial services, retail, technology, and transportation.
It will use the capital it has now raised to enhance technological infrastructure, with a focus on accelerating artificial intelligence (AI) and blockchain development.
Icertis will also use the round to expand sales and marketing footprints and build out its global partner network.
“Icertis has built a mission-critical contract intelligence platform which allows organisations to digitise contracts and generate business insights from contracts using AI,” B Capital Group founding general partner Kabir Narang said.
In February 2018, Icertis raised $50 million (around Rs 320 crore) in a Series D round led by US-based Meritech Capital Partners. Before that, it raised $25 million in a Series C round led by B Capital Group.
In March 2016, Icertis raised $15 million (around Rs 100 crore) in a Series B round led by Ignition Partners. Eight Roads Ventures and Greycroft Partners also participated in the round.
The increase in the size of the cheques issued to the company, along with sharp jumps in valuation, indicates that some of the early investors are sitting on above-par returns, at the very least. Like B Capital, some like Ignition Partners, Greycroft, e.ventures and Eight Roads Ventures have made several follow-on investments.
