ContractHero, a Berlin, Germany-based B2B SaaS startup that develops an innovative tool for managing contracts, raised €2.15 million in Seed financing to beef up its tech and sales teams and expand the platform.
VR Ventures / Redstone, coparion, Swiss Post Ventures, xdeck, and Venista Ventures invested in the round.
The startup’s B2B SaaS solution is taking contacts out of Google Drive or Sharepoint and into its smart contact management solution. It's enabling SMEs to fully realize the ‘hidden potential’ in their contracts by automatically analyzing contracts and extracting key information – claiming its SaaS solution accelerates the contract digitization process by more than 85%.
The company says that it can help companies 'enhance contract negotiation, mitigate legal and compliance risks, identify opportunities for financial optimization, improve the accuracy of cash flow forecasts, and provide crucial support during financial audits'.
“B2B contract management for the SME segment is still in its early phase, however the awareness for the problem we are tackling is picking up,” says ContractHero's CEO Sebastian Wengryn who founded the firm with Gerry Koch in 2020. “We are proud to pioneer the transformation of smart contract management, unlocking efficiencies for companies that were previously unaware of the hidden potential in their contracts.”
Company: ContractHero GmbH
Raised: €2.15M
Round: Seed Round
Funding Month: July 2023
Lead Investors:
Additional Investors: VR Ventures / Redstone, coparion, Swiss Post Ventures, xdeck and Venista Ventures
Company Website: https://en.contracthero.com/
Software Category: Digital Contract Management
About the Company: ContractHero is a B2B SaaS startup that develops an innovative tool for managing contracts. ContractHero offers automated and centralized contract management that converts forgotten documents into potential. The company digitizes and analyzes contracts and their components (terms, deadlines, etc.) automatically and visualizes them digitally in the dashboard. Its clients include Eurowings, ZDF, Mercedes Benz Leasing, Dorint Hotels, and Miles Mobility. The company's vision is to empower finance and legal teams in SMEs to gain control over their stakeholders by providing them with automated insights into their contracts.
Source: https://tech.eu/2023/07/07/berlin-based-contracthero-raises-eur215-million-to-unlock-efficiencies-in-contract-management-for-smes/