PactSafe, an Indianapolis startup focused on cloud-based contracting services, announced this week that it has raised a $5.5 million Series A investment round. The round was co-led by Houston, TX-based Mercury Fund and Salt Lake City’s Signal Peak Ventures, and included contributions from Indiana’s Elevate Ventures and Singapore’s Vulpes Testudo.
PactSafe, founded in 2015, sells software that makes electronic signatures and contract acceptance “seamless and high-velocity,” according to founder and CEO Brian Powers, in order to make the process less complex and more efficient.
“We do a lot of online legal terms of service,” he explains. (For example, if you download an app and the app asks you to accept its terms of service or privacy policy—that transaction is PactSafe’s bread and butter, and Powers says they’ve processed millions over the past three years.)
Powers says his company takes a “fundamentally different” approach to online contracting services. “It’s not just about a signature,” he says. “It’s about where we’re electronically engaging people. We can inject contract acceptance at points of contact.”
PactSafe’s platform allows customers to upload information from any system directly into a contract, and then track that contract in real-time through what Powers describes as an “industry-first click-through workflow API.” PactSafe can solicit signatures for contracts for acceptance via websites, text, e-mail, chat bots, collaboration software, and more. Powers says the company’s customers include Angie’s List, TiVo, Upwork, and CDW.
“By and large, our customers are tech companies,” he says. “We’re an API-first software company, and we’ve become very flexible and delivery method-agnostic. Our competitors take a more traditional, linear approach.”
The 12-person company, which has raised a total of $8 million since 2015, plans to use its new investment capital to hire more engineers, expand sales and marketing efforts, and, over time, expand how and where its software is deployed, Powers says.
“We’re working on really innovative ways to get contracts in front of people,” he adds.
