AI-powered document processing platform PandaDoc today raised over $15 million in additional funding, bringing its series B round to $30 million. The company says the capital will bolster its go-to-market efforts as it doubles down on product research and development.
Companies spend an average of $20 to file and store a single document, by some estimates, and only 18% of companies consider themselves paperless. An IDC report revealed that document-related challenges account for a 21.3% productivity loss, and U.S. companies waste a collective $8 billion annually managing paperwork.
PandaDoc automates the process of creating, approving, and electronically signing proposals, quotes, and contracts. Its over 20,000 clients include Drift, Hilton, Konica Minolta, Tata Steel, Bonusly, TomTom, and SGS. PandaDoc claims its tools decrease time-to-close by 30% and document creation by 65% and double the number of deals closed per month.
PandaDoc attributes recent customer growth to pandemic-related transitions to remote work. Since March, it has added more than 50,000 users to its free electronic signature solution that supports an unlimited number of documents and customers.
From a single portal, teams can create sales documents with interactive quotes and collect signatures with automated signing flows for desktop and mobile. The company’s solution enables internal and external reviews with approval flows, redlining, version tracking, commenting, and proposal creation with over 450 customizable templates.
With PandaDoc, users can tailor documents by pulling in client and deal data, legal clauses, and marketing collateral from content libraries and customer relationship management software. Users can view documents and flip on reminders to follow up on tasks like approvals, signings, and payment requests automatically. They can also add elements such as pricing, videos, GIFs, links, and comments to those documents and opt to receive email and mobile alerts that indicate when the docs are opened, downloaded, or signed.
PandaDoc customers see engagement and usage details tracked in real time and can add pricing tables to contracts that allow the undersigned to select from options, change quantities, or chat directly. Thanks to Zapier and API integrations, users can also connect payments to accounting software to expedite invoicing. Customers can sign and pay without leaving a quote, proposal, or contract.
The series B extension was led by new investors OnePeak Capital and Savano Capital, with participation from previous backers M12 (formerly Microsoft Ventures), EBRD Ventures, and individual investor David Sipes, formerly the COO of Ring Central. Following the round, Sipes will join PandaDoc’s board of directors.