SpotDraft helping legal teams manage their contract ecosystems raises $54 million

SpotDraft, the CLM platform that helps in-house legal teams manage their contract ecosystems, has raised $54 million in a Series B funding round.

Vertex Growth Singapore and Trident Partners were the lead investors, the existing investors (Xeed VC, Arkam Ventures, Prosus Ventures, and Premji Invest) have also participated in this round.

The startup previously raised $26 million in a Series A funding round in March 2023.

What does SpotDraft do?

SpotDraft is an AI-driven contract lifecycle management (CLM) platform built for in-house legal teams. The tool manages all aspects of contracting, including AI-assisted redlining, e-signatures, intelligent contract repository, third-party papers, clickwrap agreements and much more.

“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.”

SpotDraft, which is headquartered in Bengaluru with an office in New York, was founded in 2017 by Shashank Bijapur, an alumnus of Harvard Law School and Madhav Bhagat, an alumnus of Carnegie Mellon.

Focusing on AI functionality

SpotDraft is also focusing on product enhancements and AI functionality. The startup has launched products like VerifAI and ClickThrough, which are consolidating its positioning as the preferred CLM partner for mid-market companies.

Notably, it is looking to further acquire key leadership talent in alignment with its growth strategy.

“We see potential in SpotDraft being the first-in-class CLM solution globally,” said James Lee, Managing Partner, Vertex Growth. “SpotDraft’s product vision and go-to-market strategy is anchored on a deep understanding of enterprise legal teams’ painpoints and the unwavering commitment to delivering a world-class solution in enabling faster and more accurate contract processes. We‘re excited to join and support SpotDraft as they continue to leverage AI to transform the legal tech landscape.”