DocuSign, a company that eases the process of electronically signing documents, has received a $12.4 million cash infusion.
Last year, the Seattle company laid off some of its workers and earlier this year recruited a new CEO, according to the Seattle PI. It has been making a recovery since, and claims that it tripled its business in the first nine months of 2007.
To electronically sign documents, users generally have to check off a box to signify agreement. However, more serious contracts like mortgage agreements require a legally binding signature, which takes more steps, as well as a special authentication code.
Simplifying and speeding up the process of electronically signing important documents for end users is big business for DocuSign; The company estimates that it has processed over four million signatures since its launch in 2003, charging $3 to $5 per “envelope”.
DocuSign counts some highly recognizable names like Expedia, RE/MAX and Sony among its 1,500 customers. Its competitors include EchoSign and Verisign.
The funding was led by WestRiver Capital, although previous investors Frazier Technology Ventures, Ignition Partners and Sigma Partners participated. Together with two previous investments, the total amount of investment in DocuSign to date is about $30 million. The company has 45 employees.
