Chicago’s SpringCM, a sales contract management solution for Salesforce customers, has received $17.5 million in funding from existing investors, including Foundation Capital, North Bridge Venture Partners, and Square 1 Financial, as well as new financial partners Panorama Partners and Wellington Financial.
SpringCM’s next-generation sales contract lifecycle management platform streamlines contract processes for sales and legal teams in order to accelerate revenue growth, reduce costs and increase efficiency by bridging the gap between sales and legal.
“SpringCM is well-positioned to take advantage of three very large markets,” Greg Buchholz, CEO of SpringCM, said. “Our recent FedRAMP in process status, and our ability to now innovate faster with this funding are true indicators of the significant impact we will make within the public sector, which spends close to $200 billion per year on technology-based solutions.”
“SpringCM has harnessed the power of the cloud to transform the contract and document management process for its customers,” said Todd Surdey, SVP, Partner Business Solutions & Sales, Salesforce.
“SpringCM’s fresh take on contract and sales content management solutions is a hit in both the public and private sectors,” said Eric Speer, Vice-President at Wellington Financial.
“The opportunity to provide additional growth capital to SpringCM, alongside its existing world-class investors, is exciting, and we believe the company is poised for a terrific growth phase,” said Stephen George, founder and managing partner at Panorama Partners.
“It has been exciting to serve as a long-standing banking partner to SpringCM and watch the tremendous growth the company has experience over the past few years,” said Ryan Dammeyer, head of Square1’s Structured Finance Group.
SpringCM raised $18 million in 2014. The company has now raised more than $67 million in total. Clients include Facebook and NBC Universal.