PandaDoc, a US-based provider of document management software, secured $30m on Wednesday from investors including M12, the corporate venturing subsidiary of software producer Microsoft.
Growth equity firm One Peak led the round, which also featured Savano Capital Partners, Rembrandt Venture Partners, the European Bank for Reconstruction and Development’s Venture Capital Investment Programme and private investor David Sipes.
Mikita Mikado, PandaDoc’s founder and chief executive, told TechCrunch the round was a series B2, following $5m in series B1 funding from investors in May 2019 and an original close two years earlier.
Founded in 2013, PandaDoc has developed technology that enables business to automate the process of creating and verifying documents. It introduced a free eSignature tool earlier this year to help customers sign documents during the Covid-19 pandemic.
Mikado said in a statement announcing the funding: “Today, it is not enough to just offer eSignatures. The full value is found before, during and after the signature with document workflows, insights, speed and the end-user experience.
“The market does not want a single-feature application. PandaDoc leads the market by focusing on an all-in-one solution that incorporates electronic signatures along with other essential document automation innovations, while continuing to always put our customers first.”
Rembrandt Venture Partners led the company’s $15m series B round in 2017, investing alongside M12 (then Microsoft Ventures), marketing software provider HubSpot, EBRD Venture Capital Investment and Altos Ventures.
PandaDoc had already raised $5m in a 2015 series A round led by Altos Ventures that included TMT Investments, Kima Ventures and Eric Dunn.
