SpotDraft Nets $54M to Revolutionize Legal Contract Management with AI

SpotDraft Nets $54M to Revolutionize Legal Contract Management with AI

(IN BRIEF) SpotDraft, an AI-driven contract lifecycle management (CLM) platform for in-house legal teams, raised $54 million in Series B funding led by Vertex Growth Singapore and Trident Growth Partners, with prior investors Prosus Ventures, Xeed VC, and Arkam Ventures also joining, advised by Avendus. The platform, founded in 2017 by Shashank Bijapur and Madhav Bhagat, offers features like AI redlining, e-signatures, and contract repositories, earning praise from clients like Crunchbase for enhancing efficiency. With new AI tools like VerifAI and ClickThrough, SpotDraft is strengthening its mid-market position. The company, now with 250+ employees across Bengaluru and New York, has added key leaders like Rohith Salim and Akshay Verma, following a $26 million Series A in 2023 and significant growth.

(PRESS RELEASE) AMSTERDAM, 1-Apr-2025 — /EuropaWire/ — SpotDraft, a platform designed to streamline contract management for in-house legal teams, has secured $54 million in its Series B funding round. The investment was spearheaded by Vertex Growth Singapore and Trident Growth Partners, with contributions from returning investors Prosus Ventures, Xeed VC, and Arkam Ventures. Avendus, serving as investment bankers, facilitated the deal.

SpotDraft offers an AI-powered contract lifecycle management (CLM) solution tailored for corporate legal departments. It handles everything from AI-enhanced redlining and e-signatures to maintaining a smart contract repository, managing third-party documents, and supporting clickwrap agreements, among other features.

Shashank Bijapur, SpotDraft’s CEO, remarked, “We see 2025 as a pivotal year for our team. Beyond expanding our market presence and growing our workforce, we’re doubling down on integrating AI into our platform to empower legal teams with greater efficiency and innovation.”

Jonathan Franz, Crunchbase’s Head of Legal, praised the platform: “SpotDraft has transformed our legal team’s workflows, saving time and boosting efficiency. Its straightforward implementation gives us the assurance to handle reviews, automate large-scale contracts, accelerate deal closures, and manage due diligence effectively.”

In addition to its comprehensive CLM services, SpotDraft is prioritizing advancements in its product lineup and AI capabilities. New offerings like VerifAI and ClickThrough are reinforcing its status as a top CLM choice for mid-market firms. With a team of over 250 spread across Bengaluru and New York, SpotDraft plans to recruit key leaders to fuel its expansion goals.

Founded in 2017 by Shashank Bijapur (a Harvard Law School graduate) and Madhav Bhagat (from Carnegie Mellon), the company draws on their prior experiences—Shashank as a New York lawyer and Madhav at Google. The leadership has since expanded with Rohith Salim, a Carnegie Mellon peer of Madhav’s, joining as Chief Product Officer, and Akshay Verma, a seasoned legal expert from Meta and Coinbase, stepping in as Chief Operating Officer. SpotDraft previously raised $26 million in its Series A round in March 2023 and has since experienced rapid revenue and customer growth.

James Lee, Managing Partner at Vertex Growth, stated, “SpotDraft has the makings of a global leader in CLM solutions. Their product strategy and market approach reflect a profound grasp of the challenges enterprise legal teams face, paired with a relentless drive to deliver exceptional tools for faster, more precise contract management. We’re thrilled to back SpotDraft as they harness AI to reshape legal technology.”

About SpotDraft

SpotDraft is headquartered in Bengaluru, India with an office in New York, USA. Over 400 organizations and cross-functional teams across the world use SpotDraft to optimize time-consuming processes, refocus on strategic outcomes and maximize their impact through a contract lifecycle.

SpotDraft was featured in the Fast Company’s Most Innovative Companies list in 2024 and Forbes Asia’s 100 To Watch for in 2024. The SpotDraft mission is supported by prominent investors, including 021 Capital (now Xeed Ventures), Arkam Ventures, Prosus Ventures, Riverwalk Capital and esteemed angel investors like Girish Mathrubootham and Satyen Kothari.

About Prosus

Prosus is a global consumer internet group and one of the largest technology investors in the world.

Operating and investing globally in markets with long-term growth potential, Prosus builds leading consumer internet companies that empower people and enrich communities.

The group is focused on building meaningful businesses in the online classifieds, food delivery, payments and fintech, and education technology sectors.

Through the Prosus Ventures team, the group invests in new technology growth opportunities within AI, social and ecommerce platforms, fintech, B2B software, logistics, health, blockchain, agriculture and more.

The team actively backs exceptional entrepreneurs who are using technology to improve people’s everyday lives.

Each month, more than 2 billion customers across the globe use the products and services of companies that Prosus has invested in, acquired or built. To find out more, please visit www.prosus.com.

SOURCE: Prosus