SpotDraft Raises $54 Million in Series B to Transform Contract Management with AI

SpotDraft Secures Major Funding for AI Contract Management

SpotDraft, a pioneering contract lifecycle management (CLM) platform designed for in-house legal teams, has successfully closed a Series B funding round, raising an impressive $54 million. This funding will play a vital role in accelerating the company’s global expansion and enhancing its innovative AI-powered solutions. The financing was led by Vertex Growth and Trident Partners, with participation from existing investors including Xeed VC, Arkam Ventures, Prosus Ventures, and Premji Invest.

Founded in 2017 by Shashank Bijapur and Madhav Bhagat, SpotDraft has quickly established itself in the legal tech landscape. The platform enables legal teams to streamline their contract management processes through features such as AI-assisted redlining, electronic signatures, and intelligent contract repositories, making it a comprehensive tool for legal professionals.

According to Shashank Bijapur, CEO of SpotDraft, “We believe 2025 will be an inflection point for team 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.” Bijapur, a Harvard Law School alumnus, and Bhagat, a Carnegie Mellon graduate, are focused on refining SpotDraft’s offerings to ensure optimal utility for their users.

The significance of SpotDraft's platform is highlighted by Jonathan Franz, Head of Legal at Crunchbase, who shares, “SpotDraft's CLM platform has made a huge impact on our legal team's time, workflows, and efficiencies. 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.”

In addition to its established CLM capabilities, SpotDraft is also sharpening its focus on product innovation and enhancements, particularly those powered by AI technology. The recent launch of products like VerifAI and ClickThrough aims to solidify SpotDraft's status as a preferred partner for mid-market companies seeking effective contract management solutions. With a workforce of over 250 employees located in Bengaluru and New York, SpotDraft is poised to attract key leadership talent to align with its ambitious growth strategy.

The company has experienced remarkable growth following its previous funding round, where it raised $26 million in Series A funding in March 2023. The recent capital infusion will further fuel its growth trajectory, driven by a rising demand for efficient CLM systems. James Lee, Managing Partner at Vertex Growth, stated, “We see potential in SpotDraft being the first in-class CLM solution globally. The product vision and market strategy are based on a deep understanding of enterprise legal teams' challenges, and we are excited to support SpotDraft in transforming the legal tech landscape with AI.”

For more information about SpotDraft and their innovative solutions, visit www.SpotDraft.com.

About SpotDraft

SpotDraft is headquartered in Bengaluru, India, and has a presence in New York, USA. Over 400 organizations globally use SpotDraft to optimize their legal processes, focusing on strategic outcomes, and enhancing productivity in contract lifecycle management. The company was recognized in Fast Company's Most Innovative Companies list in 2024, as well as Forbes Asia's 100 To Watch for the same year, underscoring its impact in the legal technology sector.