India cloud enterprise start-up Icertis raises $15m
Icertis, a provider of cloud-based contract management software based in India and the US, has raised a $15 million Series B round.
US-based PE firm Ignition Partners led the round, with participation by Icertis' existing investors, including Greycroft Partners and Eight Roads Ventures India. Greycroft and Eight Roads (then called Fidelity Growth Partners India) led a $6 million Series A round for Icertis last April.
The Series B round brings Icertis' total funding to $21 million, according to a statement. Icertis will use the new capital to grow its global operations, expand its marketing efforts, and improve its software platform; in addition, Ignition Managing Partner John Connors will join the board of Icertis.
Though headquartered in the US, Icertis' operations center is in Pune; it also has an office in Mumbai. The Icertis Contract Management platform allows firms to create and manage any kind of contract using the same software, rather than using different platforms for each department. It integrates with prominent cloud software platforms such as Google Cloud and Salesforce.com.
"Business leaders are rapidly recognizing that contract management is a company-wide strategic business process more so than a transactional departmental activity, and they are looking for a holistic platform like ICM to address their needs," said Icertis co-founder and CEO Samir Bodas.
Founded in 2009 as a Microsoft cloud software start-up, Icertis raised a $500,000 seed round in 2012. The company's customers include major international firms in a wide range of industries, such as HBO, Microsoft, and Becton Dickinson.
Ignition, based in Washington, seeks venture capital investment opportunities in software and communications technology start-ups. It has invested in a number of companies in Asia, both independently and alongside its Asia affiliate Qiming Venture Partners; Ignition was one of the investors in Qiming's first fund in 2006.
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