PandaDoc raises $30M to disrupt the eSignature market
Former RingCentral COO, David Sipes, joins PandaDoc Board of Directors
San Francisco, August 5, 2020 – PandaDoc, the leading all-in-one document automation software has raised an additional $30 million. This latest round was led by One Peak with participation from Microsoft’s Venture Fund (M12), Savano Capital Partners, Rembrandt Venture Partners, and the European Bank for Reconstruction and Development. Entrepreneur, investor, and former RingCentral COO, David Sipes, also participated as an investor in this round and will join the PandaDoc Board of Directors.
“PandaDoc is pioneering the all-in-one document automation software space by being a leader in fast growing software categories of proposals, contracts, and esignature,” said new PandaDoc Board Member David Sipes, “PandaDoc has proven to be a critical remote workflow application for sales, marketing, and customer success.”
G2 ranks PandaDoc as the leader in Proposal Automation (#1) and Contract Management Software (#1). PandaDoc launched a free electronic signatures product in March which has created a path to disrupt the $25 billion+ esignature market pioneered by Docusign and Adobe Sign. Since the release of the new esignature product, PandaDoc has moved up to #4 within G2’s rank for Electronic Signatures.
“PandaDoc checked the boxes of importance when it comes to fast growing software businesses – large and rapidly growing market opportunity, strong unit economics, a highly scalable business model,” said Humbert de Liedekerke from lead investor One Peak. “However, the real differentiator is passion, the desire to make a difference, and focus on impacting the digital landscape.”
PandaDoc will use the funds to capture additional market share in proposals, contracts, and esignatures while building a larger leadership position as the all-in-one document automation software for revenue leaders that accelerates deals From Propose To Close.™
“Our customers have shown us the real value is found in document workflows, insights, speed, and the customer experience, not just the esignature itself. So we made electronic signing free and available to all,” said Mikita Mikado, CEO and Co-Founder for PandaDoc. “In a post-COVID world, the only way transactions can happen safely is via digital documents. The market is heading in this direction rapidly and by incorporating electronic signatures within an all-in-one software, we will be at the front.”
Founded in 2013, PandaDoc is an all-in-one document automation software that streamlines the process of creating, approving, and eSigning proposals, quotes, and contracts. Backed by Microsoft Ventures, HubSpot, Altos Ventures and Rembrandt Venture Partners, 20,000+ customers use PandaDoc’s powerful document creation and workflow capabilities. Using PandaDoc, revenue teams can provide their customers a more professional, timely, and engaging experience.