The digital ink is barely dry on my post yesterday recapping a record year in legal tech investments, and today there is news of another — in fact a further investment in a company already on my list for an investment earlier this year.
San Francisco-based Ironclad, a digital contracting platform for legal departments, said today that it has closed a $50 million Series C funding round. Last January, it closed a $23 million Series B round.
The company said it will use this financing to expand into new geographic markets and to further its development of contracting technology for corporate counsel and legal operations professionals.
Since its last funding round, the company said, it has more than doubled its customer base — which now includes companies such as FitBit, The Texas Rangers, Procore, Dropbox and Away — increased its revenue by 300 percent, and grown its employee count by 170 percent.
“The contracting process poses a massive challenge for all companies, and Ironclad is the first solution to enable teams to meet that challenge,” Ali Rowghani, CEO of Y Combinator Continuity, said in a statement released by the company. “We’ve known the Ironclad team since the summer 2015 YC batch and continued to be impressed by the company’s growth, innovation and executive focus.”
The company also today announced the launch of a new product, Workflow Designer, which it said lets customers build complex business processes and workflows into their contracts, without needing outside or engineering help.