SpotDraft Raises $54 Million in Series B Funding to Expand AI-Powered Contract Management Platform
SpotDraft, a Bengaluru-based technology startup, has successfully raised $54 million in a Series B funding round led by Vertex Growth Singapore and Trident Partners.
Meenu Rapria 
Existing investors such as Xeed VC, Arkam Ventures, Prosus Ventures, and Premji Invest also participated in this round. This follows the company’s previous Series A funding of $26 million in March 2023.
Founded in 2017 by Shashank Bijapur, Madhav Bhagat, and Rohith Salim, SpotDraft offers an AI-powered contract lifecycle management (CLM) platform for in-house legal teams. The platform streamlines various aspects of the contracting process, including AI-assisted redlining, e-signatures, intelligent contract repositories, third-party papers, and clickwrap agreements.
SpotDraft has experienced significant growth over the past two years, both in terms of revenue and customer base. The company is now looking to further expand its talent pool, with plans to grow its current workforce of 250 employees across its Bengaluru and New York offices. CEO Shashank Bijapur emphasized that the company’s focus on AI will continue to drive innovation and efficiency for legal teams.
James Lee, Managing Partner at Vertex Growth, praised SpotDraft's product vision and its deep understanding of the pain points faced by enterprise legal teams, stating that the company is dedicated to providing world-class solutions for faster and more accurate contract processes.
