SpotDraft raises $54 Mn in Series B round

SpotDraft, a contract lifecycle management (CLM) platform, has raised $54 million in its Series B funding round led by Vertex Growth Singapore and Trident Partners.

Xeed VC, Arkam Ventures, Prosus Ventures, and Premji Invest also participated in the firm’s new funding. With this, SpotDraft plans to invest in AI-driven products and expand its market presence.

Previously, it raised $26 million in its Series A round in March 2023.

SpotDraft provides contract management solutions for in-house legal teams which includes AI-assisted redlining, e-signatures, contract repositories, and third-party paper management.

“We believe 2025 will be an inflection point for team SpotDraft,” said Shashank Bijapur, co-founder and chief executive officer. “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.”

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.

For the fiscal year ending in March 2024, SpotDraft's revenue from operations soared to Rs 59.58 crore in FY24 from Rs 18.68 crore in FY23. However, its losses remained flat at Rs 68.36 crore.