B Capital leads $25m Series C for India's Icertis
B Capital Group - a VC firm launched by Facebook co-founder Eduardo Saverin - has led a $25 million Series C round for Icertis, an India and US-based company that provides cloud-based contract management software.
Existing investors Ignition Partners and Greycroft Partners also participated alongside E.ventures and Eight Roads Ventures. It brings Icertis’ total funding to $46 million.
The capital will be used to advance R&D work on the company’s contract management platform as well as to increase its staffing footprint across both the US and Europe. In addition to the US and India, the company maintains an office in Switzerland.
“When a market leading company doubles revenues every year and maintains positive cash flow, it’s an extremely compelling investment,” Raj Ganguly, co-founder and partner at B Capital said in a statement. “Icertis is disrupting the $6 billion contract management market by turning contracts into strategic assets and enabling companies to find new sources of value while reducing risk. At B Capital, we think there is a big opportunity to connect differentiated technology companies like Icertis to global market leaders.”
Founded in 2009 as a Microsoft cloud software start-up, Icertis focuses on services that allow firms to create and manage any kind of contract using the same software, rather than using different platforms for each department. This is achieved through integrating with prominent cloud software platforms such as Google Cloud. Clients have included Microsoft, 3M and Daimler.
The company raised a $15 million Series B round last year from Ignition, Greycroft and Eight Roads. It followed closely on a $6 million Series A led by Greycroft and Eight Roads, which at the time operated as Fidelity Growth Partners. A $500,000 seed round was raised in 2012.
B Capital operates via offices in the US and Singapore, where it has recently engaged former Eight Roads managing director Kabir Narang as an Asia-focused investment partner. The GP specializes in growth-stage investments with companies that are ready for global expansion. Last year, it reached a first close of $143.6 million on a US and Asia-focused fund, which has a full target of $250 million.
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