PandaDoc Raises $30 Million to Disrupt the eSignature Market
Former RingCentral COO, David Sipes, joins PandaDoc Board of Directors
PandaDoc, the leader in all-in-one document automation software, has raised an additional $30 million. PandaDoc will use the funds to drive disruption in the eSignature market, while capturing additional market share in proposal and contract categories.
This latest round was led by One Peak with participation from Microsoft’s Venture Fund (M12), Savano Capital Partners, Rembrandt Venture Partners, and EBRD Venture Capital Investment Programme. Entrepreneur, investor, and former RingCentral COO, David Sipes, also participated as an investor in this round and will join the PandaDoc Board of Directors.
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“We have been impressed by PandaDoc’s strong growth trajectory, great product, and positive customer feedback,” said Humbert de Liedekerke, Managing Partner of One Peak. “The team at PandaDoc built a highly differentiated, all-in-one document automation software solution and the market is reacting well. We look forward to supporting the company as it continues to expand into the eSignature space.”
In March, PandaDoc launched a free electronic signature product to enable businesses to easily get deals done during the COVID-19 pandemic and address the urgent need for touchless transactions. The market responded with tens of thousands of signups and product usage at twice the average rate.
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Since the release of its free eSignature product, customers have rated PandaDoc as one of the top ranked eSignature products on G2. This momentum shift in the $25 billion+ eSignature market pioneered by DocuSign and Adobe Sign has propelled PandaDoc beyond 20,000 paying customers, and has accelerated the company’s growth plans for the future.
“PandaDoc has proven to be a critical remote workflow application for sales, marketing, and customer success,” said new PandaDoc Board Member David Sipes. “The customer response to the all-in-one approach PandaDoc is pioneering has provided a new path to create even more value.”
“Today, it’s not enough to just offer eSignatures. The full value is found before, during, and after the signature with document workflows, insights, speed, and the end-user experience,” said Mikita Mikado, CEO and Co-Founder for PandaDoc. “The market doesn’t want a single-feature application. PandaDoc leads the market by focusing on an all-in-one solution that incorporates electronic signatures along with other essential document automation innovations, while continuing to always put our customers first.”