US-based document management software developer PandaDoc was valued at $1bn on Wednesday in a series C round of undisclosed size featuring M12, the corporate venturing unit of software producer Microsoft.
Omers Growth Equity, an investment subsidiary of pension fund manager Omers, co-led the round with growth-stage venture capital firm G Squared, while Altos Ventures, Rembrandt Venture Partners and One Peak Partners also took part.
PandaDoc was founded in 2013 and has built a document workflow automation platform that lets users make, manage and sign digital documents. It has more than 30,000 customers located across 130 countries.
Mikita Mikado, co-founder and chief executive of PandaDoc, said: “This additional funding will allow us to continue to innovate, expand our team and grow our global footprint to address new, highly lucrative markets.”
The company had previously raised $30m in an August 2020 round led by One Peak Partners that also featured M12, Savano Capital Partners, Rembrandt Venture Partners, David Sipes and European Bank for Reconstruction and Development (EBRD)’s Venture Capital Investment Programme.
M12, then known as Microsoft Ventures, also contributed to the company’s $15m series B round, in 2017, which was led by Rembrandt Venture Partners and which included marketing software producer HubSpot, EBRD Venture Capital Investment and Altos Ventures.
The company had picked up $5m in a 2015 series A round led Altos Ventures and backed by TMT Investments, Kima Ventures and Eric Dunn.