SpringCM Inc, a U.S. sales contract management solutions provider, has raised US$17.5 million in follow-on funding. The round was backed by existing investors, including Foundation Capital, North Bridge Venture Partners, Bluestem Capital and Square 1 Financial, as well as new investors, including Wellington Financial, a Canadian specialty finance firm. Chicago-based SpringCM has developed a software platform that streamlines contract processes for sales and legal teams to increase revenue, reduce costs and improve efficiency. It plans to use the funds raised to support a next phase of growth.
Wellington Financial Participates in $17.5 Million Raise for SpringCM
Chicago, IL and Toronto, ON – SpringCM, a leading sales contract management solution for Salesforce customers, today announced it has received $17.5 million in funding from existing investors, including Foundation Capital, North Bridge Venture Partners, Bluestem Capital and Square 1 Financial, as well as new financial partners Panorama Partners and Wellington Financial.
SpringCM’s next-generation sales contract lifecycle management (CLM) platform streamlines contract processes for sales and legal teams in order to accelerate revenue growth, reduce costs and increase efficiency by bridging the gap between sales and legal. SpringCM is currently on track to deliver six new product releases this year, and the additional funding will enable the company to continue to innovate at this accelerated pace, according to Greg Buchholz, CEO of SpringCM.
“With a leading contract management app on the Salesforce AppExchange, a sales content management solution designed for Salesforce users, and a document management platform that also addresses the unique needs of the public sector, SpringCM is well-positioned to take advantage of three very large markets,” Buchholz said. “Our recent FedRAMP in process status, and our ability to now innovate faster with this funding are true indicators of the significant impact we will make within the public sector, which spends close to $200 billion per year on technology-based solutions.”
“SpringCM has harnessed the power of the cloud to transform the contract and document management process for its customers,” said Todd Surdey, SVP, Partner Business Solutions & Sales, Salesforce. “SpringCM is one of our Platinum partners, which is a testament to the company’s commitment to helping companies connect with their customers in entirely new ways.”
New investors Wellington Financial and Panorama Partners cited SpringCM’s innovation and demonstrated growth as key indicators of its future success.
“SpringCM’s fresh take on contract and sales content management solutions is a hit in both the public and private sectors,” said Eric Speer, Vice-President at Wellington Financial. “We’re excited that Wellington Financial’s growth debt is able to play an important role to help the company expand the reach of its compelling solutions in the marketplace. For our portfolio, we look for fast-growing businesses with existing customers and material revenue. In SpringCM, we found that trifecta and are looking forward to being a part of the company’s bright future.”
“We were highly attracted to SpringCM’s proven management, market leading products, and key strategic partnerships,” said Stephen George, founder and managing partner at Panorama Partners. “The opportunity to provide additional growth capital to SpringCM, alongside its existing world-class investors, is exciting, and we believe the company is poised for a terrific growth phase.”
Current investors like Square 1 and North Bridge Venture Partners highlighted the company’s stability and commitment to expansion.
“It has been exciting to serve as a long-standing banking partner to SpringCM and watch the tremendous growth the company has experience over the past few years,” said Ryan Dammeyer, head of Square1’s Structured Finance Group. “We look forward to continuing this relationship and supporting the team’s mission to lead the enterprise content services industry.”
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SpringCM is a secure cloud platform that manages sales contracts and all types of documents seamlessly across desktop, mobile and partner applications like Salesforce. SpringCM goes beyond standard sales contract management software with advanced workflows that automate manual tasks and complex processes to shorten contract cycles from weeks to days, and speed time-to-revenue. For executives looking to strategically leverage contract management to deliver immediate savings and accelerate revenue, SpringCM is a leading sales contract lifecycle management (CLM) platform. Every day, more than 600 companies, including best-in-class organizations like Anaplan, athenahealth, BCBS and the USDA, use SpringCM to streamline internal sales and legal operations, improve the customer experience and get more done, faster.
About Wellington Financial LP
Wellington Financial LP is a privately-held specialty finance firm providing term, venture and amortizing loans up to $40 million. Wellington Financial LP is currently managing a $900 million investment program with offices in Menlo Park, Santa Monica and Toronto. Wellington Financial LP is managed by a partnership controlled by fund management and Clairvest Group Inc. (CVG:TSX), who jointly have contributed a large financial stake to the Fund. LPs include several of Canada’s largest institutional investors, crown corporations, financial institutions and pension funds. Please visit the fund website at www.wellingtonfund.com.
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Photo courtesy of SpringCM