More Cash for DocuSign: Google Ventures Now an Investor

DocuSign has raked in even more investment cash to help expand its electronic signature business. Today, the company says Google Ventures has contributed about $8 million to the company’s Series D financing, bringing that round of investment to a whopping $55.7 million. Total cash invested in the company now tops $120 million.

DocuSign got its start in Seattle and still has offices here, but its headquarters is now officially listed as San Francisco. The company says it has about 1.4 million paying users of its software, including companies like American Airlines, Cisco, and Toyota.

DocuSign operates on the “freemium” model that is popular in software services, with a basic level available for no cost to attract customers. The company also follows a bit of the Salesforce.com playbook in finding new users: When co-workers see a real estate agent or banker using DocuSign to get electronic signatures, they might become users themselves.

That’s why, in a press release about the financing, DocuSign CEO Keith Krach noted the company is “building a viral network of more than 20 million users that attracts 60,000 new users every day.”

DocuSign doesn’t disclose its revenue figures today, but it claimed $16.8 million in revenue in 2010 for a listing in the Inc. 500 rankings of fast-growing companies.

Author: Curt Woodward

Curt covered technology and innovation in the Boston area for Xconomy. He previously worked in Xconomy’s Seattle bureau and continued some coverage of Seattle-area tech companies, including Amazon and Microsoft. Curt joined Xconomy in February 2011 after nearly nine years with The Associated Press, the world's largest news organization. He worked in three states and covered a wide variety of beats for the AP, including business, law, politics, government, and general mayhem. A native Washingtonian, Curt earned a bachelor's degree in journalism from Western Washington University in Bellingham, WA. As a past president of the state's Capitol Correspondents Association, he led efforts to expand statehouse press credentialing to online news outlets for the first time.