[Funding] Icertis raises $80 million Series F round, valuation triples to $2.8 billion

Contract intelligence startup, Icertis has closed an $80 million Series F round at a valuation of over $2.8B. With the recent fundraise, Icertis has now raised over $280 million. Thus, the current financing nearly triples the valuation of its Series E round in July 2019. Existing investor B Capital Group led the current round. The round also saw the participation of Greycroft, Meritech Capital Partners, Premji Invest, PSP Growth, and e.ventures. The company aims to invest the funds to accelerate AI and Blockchain development. It also aims to expand its sales and marketing footprint and build its global partner network.

Additionally, Icertis has also added two distinguished business executives to its Board of Directors. The new independent Directors are, Penny Pritzker, Founder and Chairman of PSP Partners, and former U.S. Secretary of Commerce in the Obama Administration; and Karyn Smith, general counsel at Twilio Inc. Both additions bring integral perspectives and expertise to support the company’s continued growth, states the company.

Co-founder and CEO, Samir Bodas said the company will also look to grow its overall team by 30-40%. It aims to bulk hire its engineering team in India. In fact, 60% of its employee base is from India. The SaaS company is the second-largest Unicorn in the sector, only after Freshworks. “It is immensely satisfying to have led the transformation of CLM from a nice-to-have to a critical-to-have software category,” said Samir. “As our company and category enter an exciting new phase with the closing of this new round, the team is also thrilled to welcome Penny and Karyn aboard Team Icertis. We’re eminently well-positioned to continue our undisputed leadership. Icertis is clearly out in front and executing on our vision to transform contracting; the foundation of commerce. And this is just the beginning!”

Strengthening the Board at Icertis

About Penny Pritzker

Penny Pritzker is an accomplished entrepreneur and civic leader. She is the founder and Chairman of PSP Partners and its affiliates, Pritzker Realty Group, PSP Capital, and PSP Growth. From 2013 through 2017, she served as U.S. Secretary of Commerce in the Obama Administration. Penny is also a philanthropist, co-founding the Pritzker Traubert Foundation. The foundation works to foster increased economic opportunity for Chicago families. She brings a passion for diversity and a drive to build a more inclusive economy to every project and business she supports. She has also served as an advisor to Icertis’ board since 2018.

About Karyn Smith

Karyn Smith serves as general counsel, chief compliance officer, and corporate secretary for Twilio Inc., the leading cloud communications platform. Karyn has more than 25 years of experience working with high growth, innovative technology companies, including leading Zynga, Inc. and Twilio through initial public offerings in 2011 and 2016, respectively. During her tenure at Twilio, Karyn has helped to lead the company through exponential growth, joining as the first lawyer at the company to leading a global team of more than 90 today. She has been a facilitator and participant in the boardroom for more than 25 years and will bring her skills in leading IPOs, corporate governance, mergers and acquisitions, and risk management to Icertis’ Board.