Contract Room, Inc. the creators of the first-to-market, singular software to automate the entire contracting process for enterprises, announced today the completion of its Angel investor round totaling $850,000 (in addition to a previously raised Seed round of $375,000). Investors include successful entrepreneurs and leaders in the legal, finance, healthcare, real estate, and technology industries.
“Currently, the enterprise software landscape is fragmented and overlooks the critical negotiation space. This creates a gap in the automation of the contracting process,” says Emil Stefanutti, ContractRoom’s founder and chief executive officer. “ContractRoom’s patent-pending technology fills that gap by automating the entire contracting process, not just a small piece of it, like e-signature and authoring tools, or storage solutions. ContractRoom has a big vision.“
This new financing will be used to further accelerate product development and fuel sales and marketing activities. Early adopters and pilot users are already experiencing vast improvements in productivity, efficiency, and accuracy in their contracting process. “In my more than 50 years of legal experience, I hadn’t seen a product that improved the contracting process like ContractRoom does,” commented Parker Thomson, former Partner at Hogan Lovells and ContractRoom investor.
“Contracting is ripe for innovation. I have seen just about every possible contract mistake, from drafting to approvals, to not being able to find the final signed contract. These errors increase financial and legal risk. By automating and making the process completely digital, ContractRoom mitigates this process risk.” “The contracting process is totally inefficient. Anyone involved in a contract negotiation is buried in redlined documents and emails because it is a manual, paper-driven process. And since the process is broken, companies carry additional headcount to support the inefficiencies,” says Edward Matthews, a former finance executive and experienced private investor. “As an investor, I believe that ContractRoom will add tremendous value to the legal, sales, and finance departments of enterprises worldwide,” he added.
“While I was President and COO at Micron Technology we experienced rapid expansion and customer growth. If ContractRoom had been available at that time, this innovative and efficiency-enhancing enterprise software tool would have significantly helped the company with our sales contracting efforts,” said Juan Benitez, ContractRoom Advisor and investor. “For the basic package of $29 per person per month, we could have accelerated the negotiation cycle and potentially enhanced revenue generation and financial performance. A value proposition that positively impacts so many departments in the company makes using ContractRoom an easy management decision.”
Pricing and Availability: ContractRoom is a cloud-based platform, offered as SaaS, with different subscription packages, starting at $29 per month. Subscriber counterparties invited to a Contract Room use the software for free.
About ContractRoom: ContractRoom is a revolutionary, cloud-based technology that is transforming the way businesses negotiate, transact, and contract. It’s a singular, collaborative, digital platform that allows any agreement or contract to be negotiated, authored, signed, stored, and managed with anyone, anywhere, anytime, and in any language. ContractRoom shortens the time to close a deal, improves accuracy, efficiency and productivity, reduces transaction waste, and improves control over business. ContractRoom has offices in Miami, FL and New York City. For more information visit www.contractroom.com.