PandaDoc announces Series C financing round at $1 billion valuation
Leader in Document Workflow Automation and Electronic Signing Software Becomes Tech’s Newest Unicorn
SAN FRANCISCO – Sept. 22 2021 – PandaDoc, the leading all-in-one document workflow automation platform, today announced a Series C financing round led by OMERS Growth Equity and G Squared, with participation from Altos Ventures, Rembrandt Venture Partners, One Peak Partners, and M12 (Microsoft). Proceeds from the Series C will enable PandaDoc to accelerate the transformation of document experiences that move work forward.
PandaDoc delivers a competitive advantage to fast-growing companies to automate and scale document workflows, resulting in increased productivity, return on investment (ROI) and amazing customer experiences. With more than 30,000 recurring revenue customers in 130 countries around the globe, PandaDoc has rapidly established itself as a market leader in document automation, growing 80 percent in user count and 63 percent in revenue during the most recent year. The company’s “forever free” eSign product, launched at the start of the pandemic, is leveraged by hundreds of thousands of new users across industries.
“Documents have always been at the core of how business gets done, but everything around how documents get created, sent and signed has become so much more dynamic. It is time to transform how documents get done,” said Mikita Mikado, CEO and Co-Founder of PandaDoc. “We’re thrilled with this new investment from our venture and growth partners because it validates our vision of revolutionizing how businesses create and manage contracts, proposals, quotes, forms, and other business documents. This additional funding will allow us to continue to innovate, expand our team, and grow our global footprint to address new, highly lucrative markets.”
Leveraging PandaDoc’s all-in-one document workflow automation platform and eSign solution, customers rapidly digitize document processes to deliver secure and beautifully designed document experiences. Unlike legacy, static PDF or file-based document management solutions, the future is dynamic documents that operate like apps, with automated workflows allowing for real-time editing, collaboration, insights, and speedy execution.
“We are proud to have led this new investment in PandaDoc – a highly-innovative company that is shaping the future of documents, through its robust, all-in-one document automation platform. PandaDoc is a leader in the document automation market, and its solutions allow businesses to increase efficiency, reduce costs, and accelerate their growth. We are thrilled to support Mikita Mikado’s ambitious vision, and look forward to supporting him and his team in this further evolution,” said Mark Shulgan, Managing Director and Head, OMERS Growth Equity.
Larry Aschebrook, Managing Partner at G Squared, added, “PandaDoc is reimagining the future of documents. As a leader in the SMB segment, we believe the company is uniquely positioned to challenge current incumbents with a dynamic full-stack product that goes far beyond e-signing. The management team is one of the best we’ve seen, and we look forward to supporting their creative and efficient approach to this fast-growing space.”
The next phase of growth will be focused on increasing the presence of PandaDoc across new verticals, accelerating global expansion, deeper platform functionality, and increasing access for developers to integrate PandaDoc with other software and systems of record. To learn more about how PandaDoc is reimagining the future of documents and empowering customers across industries, visit www.pandadoc.com.
Since its founding in 2013, PandaDoc has been on a mission to empower growing businesses to thrive by taking the work out of document workflows. PandaDoc provides an all-in-one document workflow automation platform with eSignature capabilities that helps fast scalingteams accelerate the ability to create, manage and sign digital documents, including proposals, quotes and contracts and more. More than 30,000 customers are using PandaDoc to improve document workflow, insights and speed while providing an amazing experience for the end users. PandaDoc is backed by leading venture firms and corporate investors, including OMERS Growth Equity, G-Squared, Altos Ventures, Rembrandt Venture Partners, One Peak Partners, M12 (Microsoft), and HubSpot. PandaDoc is proudly a remote-first global company.
About OMERS Growth Equity
OMERS Growth Equity invests in high-growth companies backed by exceptional teams. OMERS Growth Equity is a long-term investor, focused on supporting companies to pursue all types of growth opportunities. These growth opportunities could include scaling operations, making acquisitions, expanding product lines, or entering new markets. To learn more, visit: https://www.omersgrowthequity.com/, or follow us on Twitter or LinkedIn.
About G Squared
G Squared is a growth-stage venture capital fund manager that invests in today’s most dynamic companies. G Squared partners with portfolio companies throughout their lifecycles as a complete capital solutions provider, working to create value for companies, investors, employees, and other stakeholders. G Squared has invested in portfolio companies including 23andMe, Auto1, Blend, Bolt, Brex, Coursera, Fast, Flexport, Lemonade, Lyft, Palantir, Pinterest, Spotify, Toast, Turo, Uber, and WeFox. For more information, visit: https://gsquared.com/.