US-based contract management SaaS firm, Icertis, is set to raise $50 million in a new funding round, according to a Form D filed with the US Securities and Exchange Commission (SEC). The filing did not reveal the identities of the investors, though last year, an Economic Times (ET) report indicated that SoftBank was likely to participate in this funding round, which could reach a total of $150 million.
Previous Funding Round and Expansion Plans
This new funding round follows Icertis’ previous $150 million funding raised in October 2022, consisting of a revolving credit facility and convertible financing from Silicon Valley Bank. The new round will help fuel Icertis’ continued growth in providing enterprise contract management software, powered by AI, to improve risk management, compliance, and operational efficiency across departments such as finance, legal, procurement, and sales.
Track Record and Investor Confidence
Icertis has already raised $522 million prior to this round, including both debt and equity investments. The company has attracted investors such as Silicon Valley Bank, B Capital, Premji Invest, and others. Icertis made its mark as a unicorn in July 2019 after raising $119 million in its Series E round, led by Premji Invest. The company was last valued at approximately $5 billion, reinforcing the investor confidence in its growth potential.
Strong Performance in India
Icertis has also shown robust performance in India. The company’s Indian entity reported a 33% growth in operating revenue, reaching Rs 863 crore in FY24, up from Rs 649 crore in FY23. Additionally, Icertis registered a profit of Rs 97 crore in FY24, compared to Rs 71 crore in the previous fiscal year. Headquartered in Pune, India, Icertis continues to expand its presence both locally and globally.
