SpotDraft, the leading AI-driven Contract Lifecycle Management (CLM) platform for in-house legal teams, has successfully secured $54 million in Series B funding. The round was led by Vertex Growth Singapore and Trident Partners, with continued support from existing investors Xeed VC, Arkam Ventures, Prosus Ventures, and Premji Invest.
SpotDraft’s CLM platform streamlines all facets of contract management, from AI-assisted redlining and e-signatures to an intelligent contract repository, third-party papers, and clickwrap agreements. The platform is designed to help legal teams optimize workflows, reduce manual tasks, and unlock efficiencies at every stage of the contract lifecycle.
“We believe 2025 will be an inflection point for team SpotDraft,” said Shashank Bijapur, CEO of SpotDraft. “Apart from market expansion and talent growth, we’re strongly committed to deepening the use of AI in the product to help legal teams unlock efficiencies and drive innovation.”
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SpotDraft’s impact on legal teams has been transformative. “SpotDraft’s CLM platform has made a huge impact on our legal team’s time, workflows, and efficiencies,” said Jonathan Franz, Head of Legal at Crunchbase. “It is easy to implement and gives us the confidence we need to manage reviews, automate high-volume contracts, close deals faster, and navigate diligence.”
Beyond its comprehensive CLM offerings, SpotDraft is placing significant emphasis on enhancing product features and advancing AI capabilities. With the launch of innovations like VerifAI and ClickThrough, SpotDraft is further solidifying its position as the go-to CLM platform for mid-market companies. The company, with over 250 employees based in Bengaluru and New York, is actively expanding its leadership team to support its growth strategy.
SpotDraft was co-founded in 2017 by Shashank Bijapur, a Harvard Law School alumnus, and Madhav Bhagat, a Carnegie Mellon graduate. Shashank previously practiced law in New York, and Madhav worked at Google. The leadership team has been strengthened with key additions, including Rohith Salim, a fellow Carnegie Mellon alumnus, who joined as Chief Product Officer (CPO), and Akshay Verma, a legal industry veteran and former executive at Meta and Coinbase, who recently came on board as Chief Operating Officer (COO).
In March 2023, SpotDraft raised $26 million in Series A funding. Over the past two years, the company has experienced rapid growth in both revenue and its customer base, further validating the demand for its innovative CLM platform.
As SpotDraft continues to innovate and expand, the company remains committed to empowering in-house legal teams with cutting-edge AI-driven solutions that transform contract management processes and drive business success.