Concord Raises $25 Million for its CLM Platform

Contract lifecycle management vendor Concord raised $25 million in a second round of funding that will be used to further develop its CLM platform, hire more workers across several departments and grow internationally, the San Francisco-based company announced Tuesday morning in a press release.

Tenaya Capital led this round of investment, and one of its partners, Paul Drews, will join the Concord board, the statement said. Concord raised $10 million in January from investors CRV and Alven, which also participated in this latest round.

“The expertise and success Tenaya Capital has with SaaS and PaaS companies at our stage is exceptional,” said Matt Lhoumeau, CEO and co-founder of Concord, in the statement. “This will be an invaluable partnership as Concord scales across markets and geographies.”

Tenaya Capital likes how Concord is poised to tackle the mountain of manual contract work that many businesses still do.

“The contract management category is ripe for digital transformation by a software company, and we believe Concord is perfectly positioned to lead that charge,” Drews said in the press release.

The Concord platform is described as a “single, collaborative and intelligent environment where contracts are managed as a key business process throughout their lifecycle,” the company said. “It drives collaboration across an organization’s legal, finance, procurement and sales teams, as well as third-parties such as customers and suppliers.”

Concord now plans to hire people in engineering, sales, HR and marketing, the company said.

In August, the company said it had 300% year-on-year revenue growth. It reported that 180,000 companies had joined the Concord platform.