Google’s AI fund invests in Danish legaltech firm Contractbook

28 Nov 2019

From left: Niels Martin Brøchner, Jarek Owczarek and Viktor Heide. Image: Contractbook

Danish start-up Contractbook will use fresh capital to expand its global footprint and roll out new features.

Contractbook, a Danish start-up that enables individuals and companies to safely create, sign and store all of their legal documents in a digital place, announced that Google’s AI fund, Gradient Ventures, has contributed to its €3.5m investment round, alongside Nordic VC fund ByFounders and angel investors.

According to Contractbook, this is the first time that a Google-backed VC has ever invested in a Danish company.

With the fresh investment, the start-up plans to roll out new features that will enable users to manage the full contract life cycle on the company’s platform. International expansion also appears to be on the cards for the start-up, which was founded in 2016.

Contractbook CEO Niels Martin Brøchner said: “With the new capital, we are ready to expand Contractbook’s footprint globally. We believe that our continued product focus and iteration will enable our customers to manage the full contract life cycle through one platform. We don’t need to re-invent ourselves, but rather maintain our strong unit economics while scaling.”

Focusing on existing customers

In a statement, the Danish legaltech noted that it will maintain a focus on its existing customers: “We are not chasing the most customers, we are chasing the happiest. We believe in the customer-centric approach to business and have been preaching it for a while.

“So, we will stay dedicated to this credo and, in the long run, we believe happy users will result in more users. That is also something our new investors fell for.”

Darian Shirazi, general partner at Gradient Ventures, commented on the investment: “Contractbook’s focus on enabling SMEs to streamline the process of contracting has allowed them to attract thousands of customers in a multibillion-dollar market. We’re excited to partner with this strong team for years to come.”

Eric Lagier, managing partner at ByFounders, added: “Contractbook’s technologically advanced offering makes it poised to disrupt multiple industries that are still characterised by archaic document handling processes.

“Actively building bridges between the Nordics and the US, ByFounders are happy to facilitate connections between globally ambitious Nordic founders and prominent Silicon Valley VCs like Gradient. We’re excited to set them up for international success and support their further growth.”

This month, Gradient Ventures also invested in the $7.65m seed round of Boston-based insurtech business Openly.

Kelly Earley was a journalist with Silicon Republic