Google Ventures has invested $8.2m in electronic signature company DocuSign’s latest round of funding, bringing the total to $55.7m.
The corporate venturing unit of the US-based search enging was joined in the Series D funding round by Comcast’s corporate venturing unit Comcast Ventures and SAP’s corporate venturing unit SAP Ventures,was led by venture firm Kleiner Perkins Caufield & Byers which is joined in participation by venture firm Accel Partners, and an unnamed global investor.
DocuSign has now raised $112m in venture funding. In December 2010, the company raised $27m in a venture round led by Scale Venture Partners. The IT-focused venture firm was joined by cloud computing company Salesforce, and previous venture firms investors Frazier Technology Ventures (FTV), Ignition Partners, and Sigma Partners.
FTV, Ignition, and Sigma all participated in previous Series B, C, and D rounds. Series B took place in April 2006 and raised $10m. The three were joined by venture firm WestRiver Capital in September 2007 for a $12.4m Series C round. WestRiver stayed on alongside FTV, Ignition, and Sigma for a Series D round in May 2009 for $5m. DocuSign picked up a further $2m in a venture round consisting only of Second Century Ventures, a real estate focused venture fund backed by the National Association of Realtors.
“Electronic signatures are being rapidly adopted by enterprises, small businesses and consumers worldwide due to their convenience, security and ease of use,” said Google Ventures partner Karim Faris.
He added, “DocuSign’s market momentum, deep technology and strong team attracted us to them and we are excited to be working with the company as they scale their business worldwide extending their reach to hundreds millions of consumers.”
DocuSign chairman and CEO Keith Krach said, “The investment by Google Ventures highlights DocuSign’s value as a tech disruptor across the web and mobile platforms, from consumers to global enterprises. DocuSign has become the global standard for eSignature by building a viral network of more than 20 million users that attracts 60,000 new users every day.”
DocuSign provides a cloud-based secure eSignature service that enables customers to complete transactions requiring a signature faster, and eliminates all the hassle associated with the paper equivalent.